Doctors Must Complete Four Years of Undergraduate Education and Four

Essay

Doctors must complete four years of undergraduate education and four years of medical school,and work three to eight years in a hospital before they can fully practice on their own.In contrast,a worker at a fast-food restaurant need not complete high school.
a.How does the difference in education and training affect the relative labor supply in these professions?
b.Using a supply and demand graph and your answer to part a,show why doctors earn higher wages than fast-food workers do.