To increase the wages of their members, professionally licesnsed fields like doctors and lawyers often adopt restrictive membership policies such as high initiation fees, or long residency programs (through years of schooling), and tough entrance and exit exams.

Question

Quizplus · Accepted Answer

These restrictive policies limit the supply of professionals in the field, which can lead to higher wages for those who are able to meet the requirements and enter the profession.

To Increase the Wages of Their Members, Professionally Licesnsed Fields