Suppose that government decides to create a license for widget makers.

Suppose that government decides to create a license for widget makers. Only licensed widget makers are allowed to produce widgets. Moreover, only half of the current widget producers are eligible to obtain the license. What will happen with the supply curve of widgets?

A) It will not change.
B) It will shift to the left.
C) It will shift to the right.
D) It will slope downwards.

ANSWER

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