Two reasons why a few individuals earn very high pay in the sports and entertainment fields are that their
a. marginal productivity is high and entry into those industries is restricted
b. marginal productivity is high and the cross-elasticity of demand between their services and the services of other employees is also high
c. marginal productivity is high and there is open competition for their talents
d. wage elasticity of supply is high and there is open competition for their talents
e. marginal productivity is high and they are prohibited from changing employers
C
You might also like to view...
Personal income in the United States is primarily determined by selling labor services
a. True b. False
A budget deficit
a. occurs when government receipts are less than spending. b. occurs when government spending is less than receipts. c. occurs when government receipts are equal to spending. d. is the accumulation of years of government overspending.
The process of economic growth is
A. Constantly occurring in the United States. B. Cumulative, whereby gains made in one year accumulate in future years. C. Not important to economists. D. Not affected by previous year's growth.
Based on the graph showing the effective federal funds rate, the rates in the early 2000s were ______.
a. the lowest in over 40 years
b. the highest in over 40 years
c. about the average for the past 40 years
d. the only negative rates in over 40 years