The price elasticity supply of doctors could be considered ________ because it takes a minimum of four to six years of training to be able to work as a physician.
A) perfectly elastic
B) unitary elastic
C) relatively inelastic
D) relatively elastic
E) perfectly inelastic

Question

Quizplus · Accepted Answer

The price elasticity of supply of doctors is relatively inelastic because it takes a minimum of four to six years of training to become a physician. This means that even if the price of doctors' services were to increase, it would take a considerable amount of time for the supply of doctors to respond to this price change. Therefore, the supply of doctors is relatively inelastic in the short term.

The Price Elasticity Supply of Doctors Could Be Considered ________