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1. What are normative shortage, economic shortage, dynamic shortage, and static shortage?
2. What kinds of things could cause a static shortage of medical labor?
3. If a shortage of medical labor is caused by the high cost of medical training, what would happen to the price and the quantity of medical labor supplied over time?
4. Suppose a large hospital in a small community has monopsony power in hiring nurses. How would it determine the wage rate for nurses? In what sense does it have a shortage of nurses? What is "Marginal Labor Cost"?
5. What factors would tend to increase the rate of return to medical education?
last updated April 1, 2002, by Jim Frederick
copyright 2002 Jim Frederick