The effect of licensing requirements for an occupation is to
a. shift the demand curve for the occupation to the left, causing wage rates to fall.
b. shift the supply curve for the occupation to the left, causing the wage rate to rise.
c. shift the supply curve for the occupation to the right, causing the wage rate to fall.
d. shift the demand curve for the occupation to the right, causing the wage rate to rise.
b. shift the supply curve for the occupation to the left, causing the wage rate to rise.
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Which of the following does NOT help explain why oligopolies exist?
A) economies of scale B) mergers C) product homogeneity D) barriers to entry
Investment in physical and human capital is typically encouraged by
A. lower taxes on returns to education. B. lower taxes on interest income. C. lower taxes on investment returns. D. all of the options are correct.