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

Answer 1

The statement that best explains the relatively high wages earned by certain medical professionals, like nurse practitioners and physicians, is:

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

This is because the rigorous education, training, and licensure requirements create a barrier to entry, which reduces the quantity of individuals who can work in these professions. As a result, with a low supply of qualified medical professionals and a consistent demand for their services, wages tend to be higher.