Which of the following could explain the relatively high wages earned by certain medical professionals, like nurse practitioners and physicians?

Question

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1 point
The training and certifications required for these professions lead to a relatively high quantity of labor supplied at any given wage.
The age of our population leads to a relatively low quantity of labor demanded at any given wage.
The training and certification required for these professions lead to a relatively low quantity of labor supplied at any give wage.
The age of our population leads to a relatively high quantity of labor supplied at any given wage.

Answer 1

The correct explanation for the relatively high wages earned by certain medical professionals, like nurse practitioners and physicians, is:

The training and certification required for these professions lead to a relatively low quantity of labor supplied at any given wage.

This is because the extensive education, training, and certification requirements limit the number of individuals who can enter these professions, resulting in lower supply relative to the demand for these skilled services, which contributes to higher wages.