What will happen in the labor market for aestheticians if the government deregulates the industry and no longer requires individuals to obtain a license to work as aestheticians?
A)The supply of workers will decrease, resulting in a higher wage and lower quantity of labor.
B)The supply of workers will increase, resulting in a lower wage and higher quantity of labor.
C)The demand for workers will decrease, resulting in a lower wage and lower quantity of labor.
D)The demand for workers will increase, resulting in a higher wage and higher quantity of labor.

Question

Quizplus · Accepted Answer

If the government were to deregulate the industry and no longer require individuals to obtain licenses to work as aestheticians, it would make it easier for more people to enter the field, resulting in an increase in the supply of workers. This increase in supply would lead to a lower wage for aestheticians since employers would have more options to choose from. Additionally, with more aestheticians available, the quantity of labor in the market would increase.

What Will Happen in the Labor Market for Aestheticians If