The above figure shows the supply and demand curves for high-skilled and low-skilled labor. The figure shows that high-skilled workers earn a wage rate greater than low-skilled workers because
A) the supply of high-skilled labor is greater than the supply of low-skilled labor.
B) high-skilled labor has a lower value of marginal product.
C) of both the cost of acquiring skills and the differences in the value of marginal products.
D) of discrimination.
Question 2
A monopolistically competitive firm can increase its economic profit by ________.
A) developing new products
B) producing at the efficient quantity
C) eliminating excess capacity
D) advertising less
(c) snow in Nunavut, alter the local albedo, causing altered microclimates. High albedos are found
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