Suppose the following two events occur in the domestic market for radiologists:
a. Some hospitals are outsourcing some radiology services such as reading x-rays.
b. Some medical schools have closed down their radiology departments as fewer students enroll in this field.
What is likely to happen to the equilibrium wage and quantity of radiologists following these two events?
A) The equilibrium wage falls and the effect on equilibrium quantity of radiologists is indeterminate.
B) The equilibrium wage and the equilibrium quantity of radiologists fall.
C) The equilibrium wage and the equilibrium quantity of radiologists rise.
D) The equilibrium quantity falls and the effect on the equilibrium wage of radiologists is indeterminate.
Question 2
Refer to the Article Summary. If Netflix chose to use Shiller's pricing method
A) consumer surplus, producer surplus, and deadweight loss would all be equal.
B) producer surplus would be zero.
C) deadweight loss would be maximized.
D) consumer surplus would be zero.
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