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What factors impact the supply curve for physicians the most?
What factors impact the supply curve for physicians the most?
Expert Solution
Factors that impact the supply curve of physicians are:
- Education facilities: if there is no proper education system for medical students, then they will not be able to get medical knowledge, and therefore, the supply of physicians will be less. And hence, it will also affect the supply curve in a negative manner. On the other hand, if education facilities are great, the more students will opt for medical, so supply for the physicians will be high. This will affect the supply curve in a positive manner.
- Salary: if the salary offered to physicians is less, then people will be demotivated to work as physicians, and hence supply curve will be negatively affected. On the other hand, if salaries offered to physicians are competitive, more people will be able to work as physicians, and the supply curve will be positively affected.
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