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If your goal is to earn the highest wage possible, which of the following industries has the most favorable characteristics? A few firms produce a
If your goal is to earn the highest wage possible, which of the following industries has the most favorable characteristics?
- A few firms produce a very specialized product. The firms rarely hire new employees, as they require so few.
- There are many firms producing very popular products, but the production process is so technical that properly-trained employees are hard to come by.
- Many firms are producing very popular products, and the simple processes involved in production allow the firms to hire thousands of low-skilled workers.
- A few firms produce a very specialized product, but capital is used instead of labor for much of the production. The firms primarily hire low-skilled workers, if any.
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