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Certain professions limit the number of students who are eligible to enroll in their programs in ...

Certain professions limit the number of students who are eligible to enroll in their programs in university - engineering, architecture, dentistry, and law, for example. What is the predicted effect of such a policy in each of these professions?

▸ An increase in supply and a wage that is higher than it otherwise would be.

▸ A reduction in supply and a wage that is lower than it otherwise would be.

▸ An increase in supply and a wage that is lower than it otherwise would be.

▸ A reduction in supply and a wage that is higher than it otherwise would be.

▸ These professions are a relatively small portion of the labour market and so there will be no detectible change in wages.

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Microeconomics

Edition: 17^th

Author: Ragan

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