The American Medical Association restricts the supply of American doctors by limiting the number of medical licenses it...
The American Medical Association restricts the supply of American doctors by limiting the number of medical licenses it provides. What impact does this have on the market for doctors?
(A) The demand for licenses will increase.
(B) The supply of licenses will decrease.
(C) Doctors’ salaries will go down.
(D) Doctors’ salaries will go up.
Homework Answers
Answer
Option D
(D) Doctors’ salaries will go up.
The limit on the licenses makes the supply perfectly inelastic which increases the doctor's wages in the market.
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