An individual who possesses a specialized skill that is difficult to execute will

A) necessarily receive wages considerably higher than those who lack this skill.
B) receive a wage determined by the number of other persons possessing this skill.
C) receive a high wage only when this skill is in great demand relative to its supply.
D) receive a wage rate that is lower than similarly productive individuals who lack this skill.

Question

Spencer Hebert · Accepted Answer

Final Answer : C, Explanation :  The wage for a specialized skill is determined by the demand for that skill relative to its supply. If the skill is in high demand and few people possess it, wages will be higher.

Definitions

Learning Objectives

Learning Objectives

Related questions