In terms of economics why do medical doctors command such high pay

The economic explanation behind the high wages earned by medical doctors is related to the fact that the provision of services that they offer in the markets is demanded by everybody and offered by a few, and therefore, the price charged for such service grows incredibly.

Every consumer demands health assitance as a basic need and is willing to direct an important share of his income to such expense, if necessary. On the other hand, only those people who have invested time and money on studying medicine have the skills to offer such services. Therefore the size of the demand of medical services is much larger than its supply, and the market will only reach an equilibrium allocation if a high price is charged for medical services (doctors' wages).

D

Explanation:

The human capital required to become a medical doctor involves a great degree of knowledge, training, and skill.

hey i did something like that before, what is the quesiton?

        i'm fairly sure that the correct answers are 2 and 3.

        i used both my knowledge of world history and the process of elimination to obtain these answers. option 1 cannot be a possible selection because the mandate of heaven belongs to ancient chinese philosophical belief. option 4 sounds like it would benefit the region than detriment it. however, both 2 and 3 explain a potential reason for what could have contributed to the fall of the roman empire.

      hope this ! if i were you, i'd get a second opinion, because i haven't taken this course for a year. best of luck!

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