Determine what will happen to the equilibrium quantity

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Reference no: EM131098961

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

Reference no: EM131098961

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