If Jones has a skill that is highly valued, she will be able to achieve high market

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If Jones has a skill that is highly valued, she will be able to achieve high market earnings. In contrast, Smith may work just as hard or even harder and still earn only a low income.

a. Does hard work necessarily lead to a high income?

b. Why are the incomes of some workers high and others low?

c. Do you think the market system of wage determination is fair? Why or why not?

d. Can you think of a more equitable system? If so, explain why it is more equitable.

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Economics Private And Public Choice

ISBN: 9780357133996

17th Edition

Authors: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

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Question Posted: Oct 17, 2023 10:00 AM

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If Jones has a skill that is highly valued, she will be able to achieve high market

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a Does hard work necessarily lead to a high income Hard work is a factor that can contribute to high income but its not the sole determinant Other fac...View the full answer

Economics Private And Public Choice

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