Principles of Microeconomics
7th Edition
ISBN: 9781305156050
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 19, Problem 4QR
To determine
Superstar phenomenon.
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What is the superstar phenomenon? What factors create superstars in certain occupations and not in others?
What economic principle justifies the high salaries of some professional athletes? Suppose the manager of a baseball team wants to hire a new pitcher for $4 million per year. Under what circumstances would it make sense for the team to do so?
Economists argue that most professional athletes earn economic rent because they
A - make additional income through commercial endorsements
B - able to participate in sports for only a limited number of years before changing occupations
c - earn far more as professional athletes than they could earn in their next-best occupation
why is the answer c? please explain
Chapter 19 Solutions
Principles of Microeconomics
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- Latin American and Caribbean citizens who migrate to the United States earn salaries there that are higher than what they were earning at home. Since the migrants have the same skills as when they lived in these regions, why are they apparently more productive in the United States?arrow_forward"Do Men and Women Earn the Same Amount?" Please give a reason behind your answer.arrow_forward
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