Medical doctors earn higher incomes than people who have a Ph.D. in economics. This is partly because
A. Medical doctors are more likely to face malpractice lawsuits.
B. The costs of receiving necessary medical education are higher.
C. A relatively small number of students are admitted to medical schools.
D. All of the above
The answer is D. Please help
I agree.
Thanks
You're welcome.
To understand why the answer is D, let's break down each option:
A. Medical doctors are more likely to face malpractice lawsuits.
This is a valid reason for higher incomes for medical doctors. Due to the nature of their profession, doctors have a higher risk of facing malpractice lawsuits compared to professionals in other fields. This risk adds to the cost of their services, which can lead to higher income to cover potential legal expenses.
B. The costs of receiving necessary medical education are higher.
Another factor that contributes to higher incomes for medical doctors is the high cost of their education. Medical education requires many years of study, specialized training, and expensive resources like medical equipment and facilities. These costs are typically higher compared to other fields of study like economics. As a result, medical doctors need to earn higher incomes to cover these educational expenses and have a return on their investment.
C. A relatively small number of students are admitted to medical schools.
Medical schools generally have a limited number of students they admit each year. This limited supply of doctors creates a higher demand for their services, which can drive up their incomes. The scarcity of doctors, combined with the specialized skills and knowledge they possess, gives them more bargaining power in negotiations with employers and allows them to command higher salaries.
When we consider all three options, it becomes clear that each factor contributes to medical doctors earning higher incomes compared to individuals with a Ph.D. in economics. Therefore, the correct answer is D: All of the above.