Why is a construction worker never likely to earn as much as a famous athlete?
a. Compensating differentials create a higher wage for professional athletes.
b. Technological progress has advanced less in the construction industry then in sports training.
c. Productivity levels are low in the construction industry due to the high number of people willing to be construction workers.
d. A construction worker can provide his services to only a limited number of customers.
d
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If 10 firms share the sales of the market equally, the four-firm concentration ratio is ________ percent
A) 100 B) 40 C) 10 D) 5
The existence of internal economies of scale
A) cannot be associated with a perfectly competitive industry. B) may be associated with a perfectly competitive industry. C) is associated only with sophisticated products such as aircraft. D) cannot form the basis for international trade. E) focuses more on the industry than individual firms.