Which of the Following Is Not Necessarily a Consequence of Occupational

question 138

Multiple Choice

Which of the following is not necessarily a consequence of occupational licensing laws?

• A)They restrict competition.
• B)Consumers pay higher prices for the services of licensed professions.
• C)They result in a higher quality of service.
• D)They ensure that licensed professionals meet some minimum qualifications.

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Definitions:

Goods and Services

The physical items (goods) and actions or activities (services) that people produce and consume to satisfy their needs and wants.

Willing and Able

Refers to a consumer's readiness and capacity to purchase goods or services at a given price level.

Market System

An economic system in which economic decisions and the pricing of goods and services are guided by the interactions of citizens and businesses.

Goods and Services

The output produced by an economy, including tangible products (goods) and intangible activities (services) that fulfill the needs or wants of consumers.