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?
A) The market power of athletes' unions has increased.
B) Technological advances such as cable television has increased the demand for sports entertainment.
C) The supply of star athletes has decreased.
D) The supply of star athletes has increased due to college athletic programs.
B
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The nominal interest rate ________
A) makes no allowance for inflation B) is a percentage of the amount borrowed C) is the rate that most banks advertise D) all of the above E) none of the above
Monopolistic competition is similar to
a. perfect competition because the firms face downward-sloping demand curves and can earn only a normal profit in the long run b. pure monopoly because the firms face downward-sloping demand curves and can earn only a normal profit in the long run c. perfect competition because the firms face downward-sloping demand curves and similar to pure monopoly in that the firms can earn only a normal profit in the long run d. pure monopoly because the firms face downward-sloping demand curves and similar to perfect competition in that the firms can earn only a normal profit in the long run e. pure monopoly because the firms face downward-sloping demand curves and can earn an economic profit in the long run