Consider the Market for Medical Doctors

question 590

Multiple Choice

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

• A)increase.
• B)decrease.
• C)not change.
• D)It is not possible to determine what will happen to the equilibrium wage.

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Definitions:

Fourteenth Amendment

An amendment to the U.S. Constitution that grants citizenship to all persons born or naturalized in the United States and ensures equal protection under the law.

Due Process Clause

A legal principle that guarantees fair treatment through the normal judicial system, especially as a citizen's entitlement.

Equal Protection

The principle under the Constitution that requires states to govern impartially, not discriminating between different groups of people.

Lemon v. Kurtzman

A 1971 U.S. Supreme Court case that established the Lemon Test for determining the constitutionality of state laws regarding church and state separation.