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Author Question: Why do professional basketball players earn more than police officers? Illustrate this situation ... (Read 120 times)

yoroshambo

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on: Jun 29, 2018
Why do professional basketball players earn more than police officers? Illustrate this situation graphically.
 
  What will be an ideal response?

Question 2

Expansionary monetary policy refers to the ________ to increase real GDP.
 
  A) Federal Reserve's decreasing the money supply and increasing interest rates
  B) government's decreasing spending and raising taxes
  C) Federal Reserve's increasing the money supply and decreasing interest rates
  D) government's increasing spending and lowering taxes


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Sierray

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Wages are based on the marginal revenue product of labor and the supply of labor. The marginal revenue product of professional basketball players is very high and the supply of people with the ability to play professional basketball is very low, whereas the marginal revenue product of police officers is much lower and the supply of people with the ability to be police officers is much higher.

Answer to Question 2

C


yoroshambo

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

matt95

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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