Suppose that a professional association strengthened the limits to entry into their profession and at the same time lengthened its required apprenticeship program. The likely effect would be that

Question

Quizplus · Accepted Answer

Strengthening the limits to entry and lengthening the required apprenticeship program would create barriers to entry into the profession, making it more difficult for new workers to join the market. This would cause a decrease in the supply of labor, shifting the supply curve to the left. The demand for labor would likely remain relatively constant or even decrease, depending on the specific market conditions, resulting in a new equilibrium with a higher wage rate and lower quantity of labor employed. Therefore, option D is the most appropriate choice.

Suppose That a Professional Association Strengthened the Limits to Entry