Why does the American Medical Association work to limit the number of new physicians licensed each year?
This prevents the supply curve for physicians from shifting to the right as quickly as it otherwise would,
and helps preserve high wage rates for those who already have licenses.
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One area of labor issues that the labor side agreement to NAFTA does not open to foreign consultation or investigation is
A) the use of child labor. B) worker exposure to unsafe conditions. C) minimum wages. D) worker's rights to organize. E) worker exposure to toxic hazards.
The police powers of the government include
(a) price fixing. (b) licensing. (c) inspection. (d) all of the above.
Which of the following might explain why the government would create a price ceiling for a certain good?
a. The equilibrium price that would result in the market would be considered too high b. The equilibrium price that would result in the market would be considered too low c. The equilibrium quantity that would result in the market would be considered too high d. The equilibrium quantity that would result in the market would be considered too low e. The government never has a reason to create price floors or price ceilings
Refer to the graphs. Assume that pizza is measured in slices and beer in pints. In which of the graphs is the opportunity cost of a pint of beer equal to one slice of pizza?
A. Graph A.
B. Graph B.
C. Graph C.
D. Graph D.