Which of the following conditions is most likely to cause the market supply of labour for a specific occupation to be highly wage-inelastic?
Consumer demand for the final product produced by the industry is highly price-elastic.
The occupation requires a highly specialized, multi-year professional qualification that is legally mandated.
There is a high degree of occupational mobility and transferability of skills from other large sectors of the economy.
It is extremely difficult and costly for employers to substitute capital or technology for human labour.
