Final answer:
There was a sharp increase in RN wages in the year 2020, with median salaries rising to $75,330 due to increased demand for nursing services.
Step-by-step explanation:
In 2020, the median salary for nurses was $75,330. As demand for services increases, the demand curve shifts to the right (from Do to D₁) and the equilibrium quantity of nurses increases from Qeo to Qe₁. The equilibrium salary increases from Peo to Pe₁.
In 2010, the median salary for nurses was $64,690. As demand for services increases, the demand curve shifts to the right (from Do to D₁) and the equilibrium quantity of nurses increases from Qeo to Qe₁. The equilibrium salary increases from Peo to Pe₁.
While we do not know if the number of nurses will increase or decrease relative to their initial employment, we know they will have higher salaries.
The sharp increase in RN wages is indicated in the year 2020. In that year, as the demand for nursing services increased, the median salary for nurses was $75,330. The shift in the demand curve for nurses to the right, from Do to D1, corresponded with an increase in the equilibrium quantity of nurses from Qeo to Qe1, alongside a rise in the equilibrium salary from Peo to Pe1. While the exact future numbers are uncertain, it is evident that with the rising demand, nurses are likely to see higher salaries even if the increase in the number of employed nurses relative to the initial employment does not conclusively indicate an increase or a decrease.