to hire a nurse at this equilibrium wage can find a willing worker, and every nurse who wants to work at this

equilibrium salary can find a job. In Figure 4.2, the supply curve (S) and demand curve (D) intersect at the

equilibrium point (E). The equilibrium quantity of nurses in the Minneapolis-St. Paul-Bloomington area is

41,000, and the equilibrium salary is $86,000 per year. This example simplifies the nursing market by

focusing on the “average” nurse. In reality, of course, the market for nurses actually comprises many smaller

markets, like markets for nurses with varying degrees of experience and credentials. Many markets contain

closely related products that differ in quality. For instance, even a simple product like gasoline comes in

regular, premium, and super-premium, each with a different price. Even in such cases, discussing the average

price of gasoline, like the average salary for nurses, can still be useful because it reflects what is happening in
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