What Determines the Position of the Supply Curve of High-Skilled

question 6

Multiple Choice

What determines the position of the supply curve of high-skilled workers relative to that of low-skilled workers?

• A) The difference in the demand curves for the two groups.
• B) Regulatory labour standard guidelines.
• C) The cost of acquiring the skill.
• D) The difference in the value of the marginal products.
• E) None of the above answers is correct.

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Definitions:

Past Experience

Refers to the knowledge or skills gained from previous involvement or exposure to events, situations, or activities.

Feelings

Emotional experiences that are part of an individual's personal reactions to situations, events, or interactions.

Cognitive Dissonance

A psychological phenomenon where an individual experiences mental discomfort due to holding conflicting beliefs, attitudes, or values simultaneously.

Dissonant Behavior

is action that is inconsistent with one's beliefs, values, or perceived self-image, often leading to cognitive dissonance.