Author Question: In the United States, measured wealth is distributed more unequally than income. Indicate whether ... (Read 127 times)

bcretired · **on:** Jun 29, 2018

In the United States, measured wealth is distributed more unequally than income.

Indicate whether the statement is true or false

Question 2

The above figure represents the market for professional minor-league baseball umpires.

a) If umpires are offered 90 a game, what is the quantity of umpires supplied?
b) If umpires are offered 90 a game, is there a surplus or shortage of games umpired? What does the shortage or surplus equal?
c) What is the equilibrium wage rate and quantity of umpires?

kiamars2010 · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

TRUE

Answer to Question 2

a) The quantity of umpires supplied is 20 umpires.
b) At 90 a game, there is a shortage of umpires. The shortage equals the quantity demanded, 50 umpires, minus the quantity supplied, 20 umpires, for a shortage of 30 umpires.
c) The equilibrium wage rate is 120 a game and the equilibrium quantity is 40 umpires.