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
a. increase.
b. decrease.
c. not change.
d. It is not possible to determine what will happen to the equilibrium quantity.
b
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Rayburn Reed is a highly talented photographer. He has chosen to specialize in photography because of all of the following except
A) for him, this is the most lucrative way to purchase the products that he wants to consume. B) his photographs are highly esteemed by art lovers who are willing to pay very high prices. C) he obviously has a comparative advantage in photography. D) his opportunity cost of pursuing another career is very low.
Which of the following is a subject that economists study?
a. the growth in average income b. the fraction of the population that cannot find work c. the rate at which prices are rising d. All of the above are correct.