3. A short piece from The Economist noted that "A doctor of general medicine in New York typically earns 64% less than a peer in Alabama." This is despite the fact that there is a significantly higher demand for general medicine in New York compared to Alabama. Use a market supply and demand for general medicine practitioners in both New York and Alabama to depict this situation, and briefly explain why this is the case.

Answer rating: 100% (QA)

In New York the demand for general medicine practitioners is higher due to a larger population and h... View the full answer