Isn't it the opposite of what you're saying? I always had an impression that the high cost is actually due to low supply of doctors and this low supply is due to overregulation driven by the doctor lobby. Where (if I remember correctly) there're limits on the number of new MDs education institutions produce, or a number of licenses, forgot what exactly.
The demand is inelastic, the supply totally is elastic in a normal situation, but it is made inelastic by regulations, restrictions, etc.
The demand is inelastic, the supply totally is elastic in a normal situation, but it is made inelastic by regulations, restrictions, etc.