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Introduction to Economics💰

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"Workers are often not paid their fair share of a company's revenues."

The above statement would most likely be made by a proponent of:

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Those who hold a licence tend to earn more than if they didn't, other things being equal.

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Equality of outcome is not feasible practically.

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If there is less competition in the market of a product, the quality of the product will tend to be higher than in a competitive market.

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Remember that licensure is a form of law. It is the requirement that one needs to have a permit in order to operate in a certain market.

Why do you think it is the providers of a service, not its users, who always advocate licensure?

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How do barriers to entry affect the free enterprise system?

Hint: if you don't know what are barriers to entry, look it up.

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What can ensure product safety and quality if there is no licensure?

Choose two options.

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A construction company is required that all its employees must wear helmets when they are working on the site.

This is an example of which form of government intervention?

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The higher pay that is earned by those who have a permit is called: .

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