Question

The price elasticity supply of doctors could be considered ________ because it takes a minimum of four to six years of training to be able to work as a physician.

Answer 1

The price elasticity supply of doctors could be considered relatively inelastic because it takes a minimum of four to six years of training to be able to work as a physician.

What is supply?

Supply can be defined as the part of a commodity or a service that is being placed in the market for the consumer to buy.

The price elasticity supply of the doctor will increase after their education, but the price will not be that much efficient as it produces relatively less elasticity.

The proportion variation inside a commodity's currency values in a substantially lower proportion variation in the amount desired.

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