Which of the following explains the impact of technological advances on the wage gap between less skilled workers and highly skilled workers?
A. Advances in technology have increased the demand for higher education degrees and widened the wage gap between the two groups.
B. Advances in technology have increased the productivity of less skilled workers and thus narrowed the wage gap between the two groups.
C. Advances in technology have increased the demand for less skilled workers and highly skilled workers alike, and thus the wage gap between the two groups remains unchanged.
D. None of these
Answer: A
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Total revenue minus both explicit and implicit costs
a. gross earnings. b. marginal earnings. c. profit. d. net worth.