Specialization Is the Result of ________

question 72

Multiple Choice

Specialization is the result of ________.

• A) hiring experienced workers
• B) paying higher wages to experienced workers
• C) workers developing a certain skill set
• D) increased demand for a firm's commodity

---

Definitions:

Federal Minimum Wage

The lowest legal hourly pay for many workers in the United States, set by federal law.

Labor Market

Refers to the economic space where workers offer their services and employers seek to hire labor, characterized by the negotiation of wages, hours, and working conditions.

Unemployment

A measure of the number of people who are actively looking for work but are not currently employed.

Firms Lay Off

The process by which companies reduce their workforce in response to business conditions, such as decreased demand or economic downturns.