“The law of demand does not apply to professional base-ball players. Since each team already has the maximum number of players allowed on its squad, a reduction in the wage rate that must be paid for baseball players would not lead to any more being hired.” Evaluate this statement.
Answer to relevant Questions“College teachers are no more productive today than they were 50 years ago, yet they are paid three times as much today. They are obviously not being paid according to their marginal productivity.” Discuss.Rank the following labor supply curves in terms of their elasticities. How does your answer depend on whether you consider short-run or long-run supply curves? Explain your answer.a. The supply of economists to the federal ...Economists Ross Eckert and Richard Leftwich have noted that in the early 1950s, over 60 percent of MBA graduates from leading business schools took their first jobs in manufacturing and 10 percent in investment banking and ...On average, television news reporters are better looking than newspaper reporters. Explain why this might be the case, relying on the discussion in Section 17.4 regarding wage differences. Explain why it is more difficult to organize and maintain an input buyers’ cartel than an output sellers’ cartel.
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