Use the Figure Below to Answer the Following Questions

question 48

Multiple Choice

Use the figure below to answer the following questions.

Figure 19.3.5
-Refer to Figure 19.3.5. This figure shows the labour supply curves and the value of marginal product curves for high-skilled and low-skilled workers. If there is an increase in the supply of high-skilled workers and the supply of high-skilled workers is now equal to the supply of low-skilled workers, then

• A)wages paid to high-skilled workers would fall to $4 an hour.
• B)wages paid to high-skilled workers would fall to $5 an hour.
• C)wages paid to high-skilled workers would fall to $6 an hour.
• D)there would be no change in the wages of high-skilled workers, because high-skilled workers always earn more than low-skilled workers.
• E)there would be no change in the wages of high-skilled workers, because their value of marginal product is unchanged.

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