Final answer:
To increase potential wages, leverage knowledge of the factors that determine elasticity in the labor market.
Step-by-step explanation:
In order to increase your potential wages, you can leverage knowledge of the factors that determine elasticity in the labor market. Understanding the wage elasticity of labor supply can help you make strategic decisions. For example, if the labor supply for a certain occupation is fairly inelastic, meaning that adults in their prime earning years are less likely to change the quantity of hours worked in response to changes in wages, you can pursue careers in fields with inelastic labor supply to potentially earn higher wages.