During the two decades leading up to the new millennium, wage inequality in the United States increased substantially. That is, high-income workers saw their salaries increase substantially while wages of lower-income workers stagnated or even fell. Using the logic of marginal revenue product, give an explanation for this change in the distribution of income. In your explanation, you may want to consider the rise of the high-technology, high-skill sector and the decline of industries requiring low-skill labor. The question is number 3 on page 230 from Chapter 10 Input Demand: The Labor and Land Markets on Principles of Microeconomics 10th Edition By: Case, Fair, and Oster.”During the two decades leading up to the new millennium, wage inequality in the United States increased substantially. That is, highincome workers saw their salaries increase substantially while…
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