The Justification for Occupational Licensing Laws Is That They Protect

question 99

Multiple Choice

The justification for occupational licensing laws is that they protect the public from incompetent practitioners (for example, lawyers and medical doctors) , but the laws also result in

• A)higher prices and restrictions on the number of people who can enter the professions affected by the laws.
• B)economies of scale.
• C)ownership of a key input.
• D)an increase in the amount of output required to achieve minimum efficient scale.

Understand why achieving perfection in provision of goods and services (e.g., safety) is not always efficient.

Understand the principle of economic efficiency as a criterion for evaluating economic actions.

Analyze the consequences of actions that have greater costs than benefits on society's welfare.

Identify when an economic activity should or should not be undertaken based on its costs and benefits.

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Definitions:

Influence Outcomes

This involves affecting or shaping the results of actions, decisions, or behaviors to align with specific goals or objectives.

Concentration

The mental effort directed towards a specific object, task, or activity to the exclusion of all else.

Complex Tasks

Tasks that involve multiple steps, require a high level of skill or knowledge, and often necessitate solving intricate problems.

Influence Tactics

Strategies or methods used to persuade or lead others towards a specific direction or action.