Business and Labor Unit Test

Question

8 of 188 of 18 Items
Question
Which of the following could explain the relatively high wages earned by certain medical professionals, like nurse practitioners and physicians?(1 point)
Responses

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.
The age of our population leads 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.

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 option emphasizes that the extensive training and certification needed to enter these medical professions create barriers to entry, resulting in a lower supply of qualified labor. As a result, when demand for their services is high, the limited supply can contribute to relatively high wages.