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How does a regulatory requirement of qualification testing affect the market quantity of medical procedures? Doctors must be certified before they are legally allowed to
How does a regulatory requirement of qualification testing affect the market quantity of medical procedures? Doctors must be certified before they are legally allowed to perform medical procedures. The supply of medical professionals shifts to the left, and the equilibrium quantity of medical procedures is lower than the unregulated market. O Consumers stop wanting medical procedures knowing that there are risks. The demand for medical procedures decreases, and the equilibrium quantity of medical procedures is lower than the unregulated market. O Qualification testing is costly, so hospitals are not allowed to make profit. Because the market is regulated, insurance has to step in, and the working class can no longer afford to get medical procedures. O State control of doctors through regulation is only possible in a communist system, and in communist countries no one gets medical procedures
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