Certain professions limit the number of students who are eligible to enroll in their programs in university - engineering,architecture,dentistry,and law,for example.What is the predicted effect of such a policy in each of these professions?
A) An increase in supply and a wage that is lower than it otherwise would be.
B) A reduction in supply and a wage that is lower than it otherwise would be.
C) An increase in supply and a wage that is higher than it otherwise would be.
D) A reduction in supply and a wage that is higher than it otherwise would be.
E) These professions are a relatively small portion of the labour market and so there will be no detectible change in wages.
Correct Answer:
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