Over time,state and local governments have passed regulations that limit entry into certain markets.For example,in most locations beauty shops and barber shops must obtain a license to do business.The usual justification for such licensing requirements is to better ensure that only qualified people are offering such services.Considering the efficiency implications of having more or less firms serve a particular market,and the fact that consumers can "vote with their feet" (i.e.,buy from a different if they aren't satisfied),is such regulation justified from an economic perspective? Why or why not?

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The Answer of Over time,state and local governments have passed regulations that limit entry into certain markets.For example,in most locations beauty shops and barber shops must obtain a license to do business.The usual justification for such licensing requirements is to better ensure that only qualified people are offering such services.Considering the efficiency implications of having more or less firms serve a particular market,and the fact that consumers can "vote with their feet" (i.e.,buy from a different if they aren't satisfied),is such regulation justified from an economic perspective? Why or why not?

Over Time,state and Local Governments Have Passed Regulations That Limit