Consider the Market for Nurses in a Given City

question 113

Essay

Consider the market for nurses in a given city.In each of the following cases, explain what happens to the equilibrium wage rate and the quantity of nurses hired.
a.One of the major hospitals in the city closes.
b.A record number of students graduate with bachelor's degrees in nursing.
c.Traditionally, nursing is a field that attracts women.However, changes in access to education and to the labour force participation rate by women have led to a greater demand for the services of women in a wide range of occupations.The demand for nurses, however, does not change.
d.Advances in medical technology reduce the amount of time physicians must spend with patients in intensive care and increase the time that nurses spend with patients.
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Definitions:

Thriftiness

The quality of being careful about spending money, prioritizing savings and efficient use of available financial resources.

Attitude

The settled way of thinking or feeling about something, which can significantly influence an individual's behavior and choices.

Routine Problem Solving

A quick decision-making process used for addressing simple or frequently encountered problems.

Habit

A regular behavior or routine that is repeated often and tends to occur subconsciously.