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Suppose a competitive labor market is populated by equal numbers of high-ability (H) and low-ability (L) workers.Each high-ability worker produces output valued at $100 and each low-ability worker produces output valued at $20.In terms of time for their effort,it costs $60 for high-ability students to acquire a college degree while it costs low-ability students $75 to acquire a college degree.High-ability students ______ acquire a college degree and will be paid ______.
Good Effort
Typically refers to the application of commendable energy, diligence, or perseverance towards accomplishing a task or goal.
High Performance
Refers to a level of achievement that goes beyond the standard norms, often highlighting exceptional skill, productivity, or quality.
Expectancy
The belief that one's effort will lead to attainment of desired performance goals.
Accomplish Objectives
Successfully achieving set goals or targets through planned actions.
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