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 wage for doctors will
a. increase.
b. decrease.
c. not change.
d. It is not possible to determine what will happen to the equilibrium wage.
a
You might also like to view...
The legal responsibility for losses incurred by a proprietorship falls upon the
A) stockholders. B) partners. C) owner. D) creditors.
The larger the U.S. imposed per unit import tariff on a good imported and that is also produced in the U.S
A) the smaller the U.S consumer surplus. B) the larger the U.S. producer surplus. C) government revenue may be larger or smaller. D) All of the above.
Which of the following events would cause a movement upward and to the left along the demand curve for olives?
a. The number of people who purchase olives decreases. b. Consumer income decreases, and olives are a normal good. c. The price of pickles decreases, and pickles are a substitute for olives. d. The price of olives rises.
The problem of political instability has been greatest in which continent?
A. South America B. Europe C. Asia D. Africa