Certain professions limit the number of students who are eligible to enroll in their programs in university - engineering,architecture,dentistry,and law,for example.Other things being equal,what is one predicted effect of such restrictions?

Question

Quizplus · Accepted Answer

By limiting the number of students who can enter these professions, the supply of workers in these fields is restricted. This creates a higher demand for workers in these fields, which can lead to higher wages within those professions. However, the limited number of workers in these fields also means that there are fewer workers entering other industries, which could lower the overall competition for jobs and therefore lower wages in those industries.

Certain Professions Limit the Number of Students Who Are Eligible