In the United States, medical doctors earn much higher incomes than teachers. This occurs because the marginal productivity of medical doctors exceeds that of teachers. most medical doctors are good teachers, while the reverse is not true. consumers have a greater demand for medical doctors than for teachers. medical and teaching services are highly substitutable for most consumers.
In the United States, medical doctors earn much higher incomes than teachers. This occurs because the marginal productivity of medical doctors exceeds that of teachers. most medical doctors are good teachers, while the reverse is not true. consumers have a greater demand for medical doctors than for teachers. medical and teaching services are highly substitutable for most consumers.
Chapter9: The Physicians’ Services Market
Section: Chapter Questions
Problem 1QAP
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In the United States, medical doctors earn much higher incomes than teachers. This occurs because
the marginal productivity of medical doctors exceeds that of teachers.
most medical doctors are good teachers, while the reverse is not true.
consumers have a greater demand for medical doctors than for teachers.
medical and teaching services are highly substitutable for most consumers.
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