Question

over the past several years, the earnings gap between high-skilled and low-skilled workers has (i) narrowed because the demand for unskilled labor has risen over time relative to the demand for skilled labor. (ii) widened because the demand for skilled labor has risen over time relative to the demand for unskilled labor. (iii) narrowed because the supply of unskilled labor has risen over time relative to the supply of skilled labor. (iv) widened because the supply of skilled labor has risen over time relative to the supply of unskilled labor.

Answer 1

So because shortage of skilled labor has grown compared to a demand of unskilled labor during the past few years, the pay disparity among low-skilled and high-skilled workers has expanded.

What Is Meant by Demand?

The quantity of a specific item or service that customers are ready to buy at various prices is covered either by economic principle of demand. Demand examines a market's prices and purchases from the perspective of the consumer. The principle of supply, on the other hand, emphasizes the viewpoint of the provider of the good or service.

What Is the Importance of Demand?

Demand is a fundamental economic concept that affects both consumers and companies that provide goods and/or services.

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