This exam aligns with the following learning objectives: Understand the model of wage determination in labor markets, and see the ways that athletes' investment in skills affects their pay. Understand the reasons that rewards to professional athletes are often highly skewed and learn that providing incentives may have unintended negative effects. Understand monopsony power of team owners and that unions serve as a countervailing force. Learn the ways that free agency changed the economic relationship between players and teams and the team actions to limit the impact of free agency. Appreciate the inefficiency of strikes, the reasons that strikes occur despite their contradicting basic economic logic. Apply branding and economic concepts to global expansion. Understand the evidence discrimination in professional sports and the economic theory of discrimination. Describe the different forms of discrimination (e.g.,gender, racial) and the ways