If a firm is a price taker, then the demand curve for the firm's product is:

As economies develop, more jobs will require more education and training. What effect will this have on the labor market of 18 to 24 year olds?

a. The demand for workers ages 18 to 24 years old will decrease as more young people go to school. b. The supply of workers ages 18 to 24 years old will decrease as more young people go to school. c. The demand for workers ages 18 to 24 years old will increase as more young people go to school. d. The supply of workers ages 18 to 24 years old will increase as more young people go to school.

A sometimes short, sometimes extended period of declining output and living standards is referred to as a recession.