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Immigration is a fact of life in the United States. This will lead to a big boost in the labor supply. What field would you rather be in: A field where the demand for your kind of labor is elastic or a field where the demand for your kind of labor is inelastic?

The answer is: I want to be in a field where the demand for my labor is elastic because a big  increase in supply won't push down my wage much. (However, I am having difficulty grasping why this is true. What is the principle behind this? I can't seem to figure out how elasticity or inelasticity of supply determines wages.)

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9858451

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