Unnecessary occupational licensing requirements in an industry tend to
A) increase the supply of the product.
B) raise the price of the product.
C) reduce the income of the suppliers.
D) increase the demand for the product.

Question

Quizplus · Accepted Answer

Unnecessary occupational licensing requirements create barriers to entry for new suppliers in the industry, reducing competition and giving existing suppliers the power to raise their prices. Ultimately, this leads to higher prices for the product for consumers.

Unnecessary Occupational Licensing Requirements in an Industry Tend to