Question

Draw a market supply and demand curve representing a state with no restrictions on who can conduct the real estate closing transaction. What would change in the market if a state legislated that real estate closing must be conducted by lawyers? Show this graphically. Are there any reasons that limiting the transactions to lawyers only might benefit consumers?

Answer 1

In this question the cases that there is no restrictions on who can conduct the real estate closing transactions what would change in the market if a state legislated that real state closing must be conducted by lawyers only in this case there is a foundation and there is a restrictions that only lawyers can handle the real estate legislation there is limiting criteria for the other person who can also perform the real estate closing transactions write this case the demand of lawyers.

No lawyer can charge the fees higher than the usual rate because they have the power to conduct the real estate closing transactions in this case when there is no restrictions that who can conduct the real estate closing transaction then demand will rise but if there is a restrictions then it is a case of Limited choice in the hand of the candidates because they have to approach only to the lawyers write so on the demand of lawyers it will increase and will this affect the price will go up it can be represented with the help of a diagram where demand will shift rightward and there is no change in supply then this affect the price will rise.