In 2020 the median salary for nurses was $75,330, the original equilibrium E₀ at Pe₀ and Qe₀. As the healthcare needs of baby boomers grow, the demand for nurses increases: the demand curve shifts right from D₀ to D₁, the equilibrium quantity rises from Qe₀ to Qe₁, and the equilibrium salary rises from Pe₀ to Pe₁.
Suppose that at the same time the supply of nurses shrinks, as more nurses retire and nursing tuition rises. The leftward shift of supply from S₀ to S₁ moves the equilibrium to E₂. The two shifts together mean higher salaries for nurses, at Pe₂, but the overall effect on the number of nurses is uncertain: it depends on the relative sizes of the two shifts. In this drawing Qe₂ is below Qe₁ but above the initial Qe₀.
We do not know whether the number of nurses will rise or fall relative to 2020, but we know they will have higher salaries. Move the sliders to change the relative sizes of the shifts.