The credentials required for entry into a profession are highly regulated, a cap on the number of new professionals is maintained, competition is reduced and earning and demand for services is kept high. In these cases, what do professions act as?
A) codetermination councils
B) internal labour markets
C) labour market shelters
D) quality circles

Question

Quizplus · Accepted Answer

Professions that are highly regulated, with a cap on the number of new professionals, act as labour market shelters. This is because they limit competition and maintain high demand and earnings for their services, effectively sheltering their members from the broader market forces.

The Credentials Required for Entry into a Profession Are Highly