An individual who possesses a specialized skill that is difficult to execute will
Answers
They will receive a high wage only when this skill is in great demand relative to its supply.
Explanation:
In the labor market, the law o supply and demand is also followed. The law of demand states "conditional on all else being equal, as the price of a good increases, quantity demanded decreases; conversely, as the price of a good decreases, quantity demanded increases".
The price of labor, wage rate is determined by the intersection of demand and supply. When the demand of labor increases, the equilibrium price increases hence the wage rate increases. Also when the supply of labor increases, the equilibrium price deceases and wage rate decreases. The demand for labor is based on the marginal product of labor and price o output.
The skill or education of the individual or workforce (marginal productivity of labor) affects the productivity or output prices and also shift labor demand.
i would say b probably
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