Question: Using a supply-and-demand graph and assuming competitive markets, show and explain the effect on equilibrium price and quantity of the following:
- A technological change that reduces the cost of producing X-rays on the market for physician clinic services.
- Increased graduations of new doctors on the market for physician services.
- The virtual elimination of smoking in the population on the market for hospital services.
- A price ceiling placed on physician fees in the market for physician services.