Consider the market for medical doctors. Suppose the opportunity cost of going to medical school decreases 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

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If the opportunity cost of going to medical school decreases, more people will choose to become doctors, resulting in an increase in the supply of doctors. This will lead to a decrease in the equilibrium wage for doctors due to the increased competition for jobs.

Consider the Market for Medical Doctors