Which of the following is an example of an industry that succeeds in formally restricting entry,thereby maintaining prices above competitive levels?
A)transport trucking
B)beef cattle ranching
C)window washing
D)dentistry
E)book publishing

Question

Quizplus · Accepted Answer

Dentistry is an example of an industry that succeeds in formally restricting entry. This is because dentists must obtain a license from a government regulatory board before they can legally practice, which limits the number of dentists in the marketplace and allows those who are licensed to maintain prices above competitive levels.

Which of the Following Is an Example of an Industry