Answered: Suppose we increase the overall number…

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 7DQ

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Suppose we increase the overall number of doctors in the U.S. in all fields and specialties of medical practice by equal percentages, which would shift the supply curves in all the respective medical practice markets. Suppose we were to analyze two separate medical practice markets:

Plastic Surgery
Cardiology

Which markets' price would be most impacted by this increase in the supply of doctors? Which markets' quantity would be most impacted by this increase in the supply of doctors?

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