Consider the labor market for heath care workers,which is in equilibrium.Because of the aging population in the United States,the output price for health care services has increased.Holding all else equal,what effect does this have on the equilibrium wage of health care employees?

Question

Quizplus · Accepted Answer

An increase in the output price for health care services will increase the demand for health care workers, leading to a shift in the demand curve to the right. Assuming the supply of health care workers remains constant, the equilibrium wage will increase to reflect the higher demand for workers. Therefore, the equilibrium wage of health care employees will increase when the output price for health care services increases.

Consider the Labor Market for Heath Care Workers,which Is in Equilibrium.Because