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Development change the demand for labour

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Reference no: EM133124626

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.

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

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

Reference no: EM133124626

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