Answered

Why is the equilibrium wage higher for doctors than for convenience store clerks?

AThe demand for convenience store clerks is equal to the demand for doctors.
BSupply of doctors is relatively low, and the demand is relatively high.
CThe demand for convenience store clerks is low, but supply is low, too.
DSupply of doctors is relatively high and the demand is relatively low.

Verified Answer :

HIgher wages come with being able to be "picky" about your job, which means that there are not many people applying, but there are a lot of positions which need to be filled.

The correct answer is:
B. Supply of doctors is relatively low, and the demand is relatively high.

The low supply of doctors is connected to the difficult and costly education.

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