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 age of our population leads to a relatively high quantity of labor supplied at any given wage.
The age of our population leads to a relatively high quantity of labor supplied at any given wage.

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

Answer 1

The correct response to explain 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 licensure requirements create a barrier to entry, limiting the number of individuals qualified to work in these roles, thus contributing to higher wages due to that constrained supply.