Consider the market for medical doctors. Suppose the opportunity cost of going to medical school decreases for many individuals. Suppose, it generally takes about 10 years to become a practicing doctor. Holding all else constant, in 10 years the equilibrium wage for doctors will

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When the opportunity cost of going to medical school decreases, more individuals are likely to pursue a career as a doctor. This increase in supply of doctors, assuming demand remains constant, will lead to a decrease in the equilibrium wage for doctors in 10 years.

Consider the Market for Medical Doctors