A qualification is required to work as a veterinary surgeon. A government grant changes the annual course fee paid by each student. Demand for veterinary surgeons remains unchanged.
| Annual course fee paid by each student | |
|---|---|
| Before the grant | £9,000 |
| After the grant | £3,000 |
Using the information in the table, explain how the grant is likely to affect the supply of veterinary surgeons, their equilibrium wage and their level of employment in the long run.
80 exam-style questions on OCR GCSE Economics 2.7 The labour market, covering 2.7.1 Role and operation of the labour market, 2.7.2 Determination of wages, 2.7.3 Explain gross and net pay, and 2.7.4 Calculate gross and net pay. Each one has a worked solution and a mark scheme showing where the marks go.