Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Workers in a certain occupation will soon require a government issued license to legally practice in that occupation. To get the new license workers will
- Workers in a certain occupation will soon require a government issued license to legally practice in that occupation. To get the new license workers will need to study and pass an exam and then pay for a license. Employers who provide this service will need to close their shop unless they employ these licensed employees to serve the public. Based on this information:
A) How in the near term will this new development change the Supply of labour in this occupation? Discuss. 2 Marks
B) How in the near term will this new development change the Demand for labour in this occupation? Discuss. 2 Marks
C) Briefly discuss how this development with affect the equilibrium wage rate and the number of workers employed in the occupation. 1 Mark
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started