!["Why am I poor?" [1904x1262 - 135KB]](https://pic8.co/sh/yjLi3r.png){kind=link}
"Demand for labor" should be "Demand for your labor"
There's still plenty of demand, there's just a overly populous supply of cheaper labor.
"Demand for labor" should be "Demand for your labor"
There's still plenty of demand, there's just a overly populous supply of cheaper labor.
Demand is always infinite in total, but finite at any given price. Hence the demand curve...and also why an overly populous supply decreases the market price.
Demand is always infinite in total, but finite at any given price. Hence the demand curve...and also why an overly populous supply decreases the market price.
And the demand will keep choosing the cheaper labor, no matter the quality of said labor.
And the demand will keep choosing the cheaper labor, no matter the quality of said labor.
Not necessarily. Low quality labor is a substitute good for skilled labor. They dont substitute 1:1, and some people are willing to pay skilled labor even at dramatic cost differentials.
Not necessarily. Low quality labor is a substitute good for skilled labor. They dont substitute 1:1, and some people are willing to pay skilled labor even at dramatic cost differentials.