Competition plays a key role in the market.
It drives prices down, due to companies wanting to beat their competition, while also forcing companies to produce new technology, such as iPhones, as Apple wants to make more money than Microsoft.
An example would McDonalds having a buy one get one free cheeseburger sale, and the local BurgerKing responds by having a buy one get two.
Wild life corridor is an area that resided specifically to separate wild plants and animals with human activities.
They are trying to overcome colonization, a limiting factor that states in order to fully test survival capabilities of the organism, we need to give them the freedom to move from one area to another.
Answer:
They will receive a high wage only when this skill is in great demand relative to its supply.
Explanation:
In the labor market, the law o supply and demand is also followed. The law of demand states "conditional on all else being equal, as the price of a good increases, quantity demanded decreases; conversely, as the price of a good decreases, quantity demanded increases".
The price of labor, wage rate is determined by the intersection of demand and supply. When the demand of labor increases, the equilibrium price increases hence the wage rate increases. Also when the supply of labor increases, the equilibrium price deceases and wage rate decreases. The demand for labor is based on the marginal product of labor and price o output.
The skill or education of the individual or workforce (marginal productivity of labor) affects the productivity or output prices and also shift labor demand.
