When workers acquire skills,they transform themselves from low-skill to high-skill workers.This shifts the supply schedule for low-skill workers to the _______ and shifts the supply schedule for high-skill workers to the ______ ,tending to _______ wages for low-skill workers and ________ wages for high-skill workers.

Question

Quizplus · Accepted Answer

When workers acquire skills and move from low-skill to high-skill categories, the supply of low-skill workers decreases (shifts to the left) because there are fewer workers available in that category. Conversely, the supply of high-skill workers increases (shifts to the right) as more workers enter that category. A decrease in supply tends to raise wages for the remaining low-skill workers due to scarcity, while an increase in supply tends to reduce wages for high-skill workers due to abundance.

When Workers Acquire Skills,they Transform Themselves from Low-Skill to High-Skill