Consider the market for medical doctors. Suppose the opportunity cost of going to medical school increases for many individuals. Suppose it generally takes about ten years to become a practicing doctor. Holding all else constant, in ten years the equilibrium quantity of doctors will
a. increase.
b. decrease.
c. not change.
d. It is not possible to determine what will happen to the equilibrium quantity.
b
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In a second-price sealed-bid auction, the ________ bidder wins the item
A) second-highest B) highest C) first D) lowest
The second phase of the Industrial Revolution
A. began in the early 1980s with the development of computers and the internet. B. started in Europe with the railroad industry. C. launched the "information age". D. started in America in the 1920s with the mass production of cars and electrical machinery.
The above figure shows the market for crude oil. If a consumer group convinces the government to set a maximum price of $2 per barrel, then
A) 300 barrels of crude oil will be sold at $2. B) zero barrels of crude oil will be sold. C) zero barrels of crude oil will be demanded. D) None of the above.
In the 1980s, several ________________ countries experienced inflation rates of thousands of percent per year
a. Asian b. Southern European c. Eastern European d. Latin American e. African