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 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 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 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 professions lead to a relatively low quantity of labor supplied at any give 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 lead to a relatively low quantity of labor supplied at any given wage.

This is because the extensive education, training, and certification requirements create barriers to entry into these professions, resulting in a lower supply of qualified practitioners, which can drive up their wages due to higher demand for their services.