Which of the following could explain the relatively high wages earned by certain medical professionals, like nurse practitioners and physicians?(1 point)

Question

Responses

The training and certifications required for these professions lead to a relatively high quantity of labor supplied at any given wage.
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 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 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 explanation that best accounts 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 means that the extensive education, training, and certification processes required to enter these medical fields limit the number of individuals who can and are willing to qualify for these roles, which contributes to higher wage levels due to the scarcity of qualified professionals in the labor market.