The Bureau of Labor statistics identifies a trend in the labor market for doctors, where wages
have increased significantly over the past several years. As a result of this trend, more
individuals within the economy enter the labor market to become doctors. How does this
influence wages and employment within the labor market? (1 point)
The market equilibrium wage will increase, and the equilibrium quantity of
labor will decrease.
The market equilibrium wage will decrease, and the equilibrium quantity of
labor will increase.
The market equilibrium wage will increase, and the equilibrium quantity of
labor will increase.
The market equilibrium wage will decrease, and the equilibrium quantity of
labor will decrease.