Based on class discussion, the following are corrected descriptions about sectors and dynamics in the Labor Market, EXCEPT: Hi, This is the entire question. It is not incomplete.Question 18 options: Low Skilled Labor has a more Elastic Demand than the High Skilled Labor sector. Low Skilled Labor has a more Inelastic Supply than the High Skilled Labor sector. An aging population could lead to a contraction of the Labor Force and consequent increase of Wages in the market. Higher Pension Benefits will decline the motivation to work, with the consequent decline of market wages.

In the labor market, the difference in wages among people is due to their skills, knowledge and…

Answered: Based on class discussion, the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Based on class discussion, the following are corrected descriptions about sectors and dynamics in the Labor Market, EXCEPT:

Hi, This is the entire question. It is not incomplete.

Question 18 options:

	Low Skilled Labor has a more Elastic Demand than the High Skilled Labor sector.
	Low Skilled Labor has a more Inelastic Supply than the High Skilled Labor sector.
	An aging population could lead to a contraction of the Labor Force and consequent increase of Wages in the market.
	Higher Pension Benefits will decline the motivation to work, with the consequent decline of market wages.

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