Physicians salaries increased substantially over the decade 1995-2005 from an average of 215,000 to 315,000 . What is the best explanation for this?
a. Physicians were smarter in 2005 than in 1995.
b. The supply of physicians has increased.
c. The supply of physicians has decreased.
d. The demand for physicians has increased.
e. The demand for physicians has decreased.
Question 2
Suppose you were to believe that money illusion exists that is as prices and incomes both rise proportionally, people buy more. Which of the following characteristics of demand does that cause you to doubt?
a. demand functions are downward sloping
b. demand has a positive vertical intercept
c. demand has a positive horizontal intercept.
d. demand functions are homogeneous of degree zero.
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