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

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If the opportunity cost of going to medical school increases, fewer individuals may choose to become doctors. This would reduce the future supply of doctors, leading to an increase in the equilibrium wage for doctors in ten years, assuming demand remains constant.

Consider the Market for Medical Doctors