Question: Workers in a certain occupation will soon require a government issued license to legally practice in that occupation. To get the new license workers will

  1. Workers in a certain occupation will soon require a government issued license to legally practice in that occupation. To get the new license workers will need to study and pass an exam and then pay for a license. Employers who provide this service will need to close their shop unless they employ these licensed employees to serve the public. Based on this information:

A) How in the near term will this new development change the Supply of labour in this occupation? Discuss. 2 Marks

B) How in the near term will this new development change the Demand for labour in this occupation? Discuss. 2 Marks

C) Briefly discuss how this development with affect the equilibrium wage rate and the number of workers employed in the occupation. 1 Mark

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