Economics

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Question:

What is the non-price factor affecting the following problem?

Market: Hospital

Event: Substantially higher wages are paid to hospital employees with no increase in their productivity

The Non-Price Factors:
1. Technology
2. Production Costs
3. Taxation
4. Weather
5. Expectations of Producers
6. Number of Producers
7. Level of Competition


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My Answer:
Level of competition because a small percentage of people are interested in working in hospitals and causes a decrease in employment, which means low competition. By increasing the wages, perhaps more people are willing to pursue a career in hospitals and increase the competition.

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Is my answer correct?

  • Economics -

    I think you're right, except, if more people want a career in hospitals, won't that decrease the competition for employees?

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