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Posts: 183
2 months ago

Question 1.

Some superstar athletes in the sports industry earn very high levels of income relative to other occupations, and over time the wage differential has been increasing. What could have caused this?

• The supply of star athletes has decreased.

• The supply of star athletes has increased due to college athletic programs.

• Technological advances such as cable television has increased the demand for sports entertainment.

• The market power of athletes' unions has decreased.

Question 2.

Which of the following explains why talented major league baseball players command much higher salaries than neurosurgeons?

• because the total value of baseball games is much higher than the total value of neurosurgery

• because it takes far more skill and training to be a major league baseball player than to be a neurosurgeon

• because the supply of talented major league baseball players is relatively low compared to the supply of neurosurgeons. Therefore, major league baseball players exert far more market power than neurosurgeons.

• because the supply of talented major league baseball players is low relative to its demand compared to the supply of neurosurgeons. Therefore, adding another player yields far greater marginal benefit than adding another neurosurgeon.
Source  Download
Microeconomics
Edition: 7th
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wrote...
Posts: 169
2 months ago
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Answer 1

Technological advances such as cable television has increased the demand for sports entertainment.

Answer 2

because the supply of talented major league baseball players is low relative to its demand compared to the supply of neurosurgeons. Therefore, adding another player yields far greater marginal benefit than adding another neurosurgeon.
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