Identify the Correct Statement About the Supply of Labor in the U.S

question 22

Multiple Choice

Identify the correct statement about the supply of labor in the U.S. economy.​

• A)The supply of less-educated workers has increased more than the supply of more-educated workers, thus increasing the rewards of education.
• B)Immigration has decreased the supply of relatively less-educated workers, thus increasing the wages.
• C)Immigration has increased the supply of relatively less-educated workers, thus increasing the wage rates.
• D)Computer-controlled machinery has substituted low-skilled workers in the manufacturing process, thus increasing their wages.
• E)Technological change has benefitted only the low-skilled, less-educated workers at the cost of the highly-skilled, highly-educated workers.

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Definitions:

Pure Monopoly

refers to a market structure where a single company or entity has exclusive control over a particular good or service, eliminating direct competition.

Economic Profit

The difference between the total revenue generated by a business and the total costs, including both explicit and opportunity costs.

Profit-Maximizing

The process or strategy by which a company determines the price level and production volume that generates the most profit.

Local Monopoly

A condition where a single firm has control over a market or product within a specific geographical area.