Consider the market for medical doctors. Suppose the opportunity cost of going t

Question

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 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
a. increase
b. decrease
c. not change
d. it is not possible to determine what will happen to the equilibrium quantity

Explanation / Answer

After 10 years equilibrium quantity of doctors will decreases

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