In two sentences, use the concepts of quantity of qualified providers and level of demand for labor to explain which occupations are likely to experience the lowest wages.

1 answer

Occupations with a high quantity of qualified providers relative to the level of demand for labor tend to experience the lowest wages, as the oversupply of workers leads to increased competition for available jobs. Conversely, when the demand for labor in a specific occupation remains low, employers can afford to pay less due to the large pool of applicants willing to accept lower wages.