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A good salesperson can sell $1,000,000 worth of goods, while a poor one can sell only $100,000 worth ...

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A good salesperson can sell $1,000,000 worth of goods, while a poor one can sell only $100,000 worth ...

A good salesperson can sell $1,000,000 worth of goods, while a poor one can sell only $100,000 worth of goods. Job applicants know if they are good or bad, but the firm does not. A firm will offer job applicants a choice between a fixed salary or 20% commission. Assuming risk-neutral salespersons and no opportunistic behavior, what level must the fixed salary be so that the firm can distinguish a prospective good salesperson from a poor one, and thereby avoid hiring a poor one?

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Microeconomics

Edition: 6^th

Author: Perloff

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Llanis Author

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6 years ago

Just got PERFECT on my quiz

hpascoe

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GeorgeNeist

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Good timing, thanks!

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