In Coming Years, High-Tech Growth Areas Such as Computers, Biotechnology

question 417

Multiple Choice

In coming years, high-tech growth areas such as computers, biotechnology, and robots are likely to experience a:

• A) surplus of labor.
• B) significant decline in market demand, leading to a stagnant labor market.
• C) shortage of skilled labor.
• D) stable equilibrium in the labor market.

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Definitions:

Input Costs

Expenses incurred by firms for purchasing the raw materials, labor, and other inputs required for the production of goods or provision of services.

Gasoline

A combustible fluid obtained from petroleum, mainly utilized as a fuel for internal combustion engines.

Supply Decrease

A reduction in the quantity of a good that producers are willing or able to sell, often due to factors such as increased production costs, taxation, or supply chain disruptions.

Excess Supply

A situation in a market where the quantity of a good or service available exceeds the quantity demanded at the current price, leading to surplus.