Michael D. Bayles | the Professions

question 57

Multiple Choice

Michael D. Bayles | The Professions
In this reading, Bayles discusses the characteristics of being a professional and the complex relationship between generally autonomous professionals and their supervisors. He distinguishes between consulting and scholarly professions, concluding with a discussion of how professions monopolize services in order to keep out untrained practitioners.
-Why do professionals tend to have a monopoly over the provision of services?

• A) to prevent supervisors from overriding their discretionary judgments
• B) to prevent those who are not legally prepared or licensed from practicing
• C) to ensure that everyone is allowed to practice, regardless of education
• D) to make it easier for clients to act without professional help

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Definitions:

Market Entry

The process or strategy employed by a company to start selling its products or services in a particular market.

Profit-Maximizing Quantity

The level of production at which a business achieves the highest possible profit.

Economic Profit

Economic profit is the difference between total revenue and total costs, including both explicit and implicit costs.

Economic Loss

Represents a decrease in financial wealth, assets, or resources, often resulting from business operations or market changes.