The requirement that certain professionals possess a license in order
The requirement that certain professionals possess a license in order to work in a particular market has the effect of reducing the supply of those services, which in turn causes:
A) price and the profits of firms in the market to increase.
B) price and the profits of firms in the market to decrease.
C) price to increase and the profits of firms in the market to decrease.
D) price to decrease and the profits of firms in the market to increase.
ANSWER
A
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