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 quantity of doctors will

Question

Quizplus · Accepted Answer

If the opportunity cost of going to medical school decreases for many individuals, more people will choose to become doctors. In ten years, this will lead to an increase in the equilibrium quantity of doctors, as there will be more individuals entering the market as doctors.

Consider the Market for Medical Doctors