question archive Why is the supply of physicians (close to) perfectly inelastic?
Subject:EconomicsPrice:2.88 Bought3
Why is the supply of physicians (close to) perfectly inelastic?
The supply of physicians is closely related to perfect inelasticity because regardless of the price of the services provided by physicians, the quantity of physicians remains constant. This implies that the availability of physicians is low, making it complex for them to be replaced. Physician services' price also remains constant regardless of the number of physician services offered in the market. Regardless of increased demand in wages, there will be little or no impact on physicians' quantity of primary care.