Product innovation is a key advantage of having an imperfectly competitive market structure

Which of the following might explain the beauty premium found by labor economists Hamermesh and Biddle?

a. Good looks are an innate ability for some jobs, which results in higher productivity and higher wages. b. Good looks may be an indirect measure of other types of ability such as attention to detail. c. If better-looking people earn more than average-looking people, employers may be discriminating based on personal appearance. d. All of the above could explain the beauty premium.

Profit is the difference between

A) marginal revenue and marginal cost. B) total revenue and variable cost. C) total revenue and total explicit cost. D) total revenue and total cost.