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Consider the supply and demand market for physician services. all hi :1 {H In Figure 1. below draw a supply curve and demand curve that

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Consider the supply and demand market for physician services. all hi :1 {H In Figure 1. below draw a supply curve and demand curve that are realistic representations of the current market for physician services. That is. draw the demand and supply curves to appropriately represent the size and slope of these curves. Label your supply and demand curves D1 and 51 and label the market equilibrium price F* and the market equilibrium quantityr 0*. Dver the past several decades, the demand curve for physician labor {DI} been consistently increasing. In the graph below draw a new demand curve that shows this trend. Label the new demand curve Dzand label the new price and quantity market equilibriums PD and t3\". respectively. How has the equilibrium price and quantity of services changed in the market as a result of the trend described in b}? Briey describe how the change in the equilibrium price level as a result of this trend has impacted each of the following: physicians' earnings. consumersr and the federal government. Physicians' earnings: Consumers: Federal Government: Eome analysts believe that efforts should be made to increase the supply of physicians. Name two things that could be done. andfor have been done recentlyr to increase the supply of physicians in the U5

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