15% 25% 3 pts Question 2 Doctor\'s monopoly rents O is based on each doctor\'s a

Question

15% 25% 3 pts Question 2 Doctor's monopoly rents O is based on each doctor's ability to diagnose disease O is based on doctor's intuition and experience in treating and or curing diseases o come from barriers to entry which make it difficult for many individuals to enter this profession and pushes the quantity supplied of doctors to the left o come from barriers to entry which make it difficult for many individuals to enter this profession and pushes the quantity supplied of doctors to the left O none of the above

Explanation / Answer

A monopoly has strict barriers to entry so that others are not allowed to enter the profession without a proper professional qualification and experience. Hence the supply of doctors is reduced and this increases the price of their services.

Select the third option

(Option 3 and option 4 are same, selecting any of them should work).

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