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 quantity of doctors will

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With opportunity cost increasing, fewer individuals will choose to become doctors, leading to a decrease in the supply of doctors. This will result in a decrease in the equilibrium quantity of doctors.

Consider the Market for Medical Doctors