Some States Have Taken Steps to License Occupations Such as Teeth

question 102

Essay

Some states have taken steps to license occupations such as teeth whitening technicians and massage therapists. These steps have been taken after the legislators have received pressure from licensed dentists and chiropractors. What would you expect to happen to the price of a teeth-whitening procedure or massage if licensing were to be expanded? Provide a graph to justify your answer.

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Definitions:

Current Liability

Short-term financial obligations that are due within one year or within the normal operating cycle.

Revenue

The total amount of money a company receives from its business activities, such as sales of goods and services, before any expenses are deducted.

Expense

The money spent or costs incurred in an entity's efforts to generate revenue, representing the cost of doing business.

Income Statement Columns

Sections within an income statement that separate financial data, such as revenues, expenses, and profits, to provide a clear overview of a company's financial performance.