The expansion of information technology and the increasing complexity of the economy should make the wage premium

Other things remaining the same, an individual demand schedule shows the various quantities of a good:

a. that a person wants and is able to purchase at alternative prices. b. that are demanded with a change in the quantity demanded of a substitute good. c. that a person is able to purchase at alternative income levels. d. that are demanded at various levels of utility. e. that are demanded by the market at various prices.

Adam Smith's insight was that prices adjust to guide individual buyers and sellers to reach outcomes where, in many cases,

a. opportunity cost is minimized for buyers. b. scarcity is reduced for society. c. well-being of society is maximized. d. opportunity cost of production is maximized.