Question: Differences in Human Capital Compensating Differential Differences in Natural Ability Labor Unions Major league soccer players earn more than minor league soccer players. Two automotive

Differences in Human Capital

Compensating Differential

Differences in Natural Ability

Labor Unions

Major league soccer players earn more than minor league soccer players.

Two automotive technicians have the same amount of schooling and work experience, but earn different wages. The first works the day shift for an auto manufacturer factory for an annual wage of $

54, 000

per year, and the second works the night shift for the same company for an annual wage of $

63, 000

per year.

An economics consulting firm hires Antonio, a recent PhD graduate in economics, and pays him an annual wage of $

80, 000 .

It also hires Gilberto, a recent master's degree graduate in economics, and pays him an annual wage of $

63, 000 .

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