Given the amount of time and other costs of investing in human capital that it takes to earn a Ph.D., why are college professors paid less than other occupations that require similar or lesser amounts of human capital?
If being a college professor is considered prestigious, the compensation need not be as great. Also, there are aspects of this profession that many people find desirable. Hours are flexible. The environment is clean and safe. There are long vacations during the year, and professors can usually take summers off.
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Credit is:
A) the loan that a debtor receives. B) the income that an employee earns. C) any good that cannot be consumed but is used for the production of other goods. D) any good that is available for free.
Suppose that a firm in an industry subject to diminishing returns to scale is initially in long run equilibrium. Which of the following will not be part of the industry adjustment process to a permanent increase in demand? a. Some firms will temporarily make economic profits
b. Some new firms will enter. c. The long run equilibrium price will be higher than the initial equilibrium price. d. All of the above will be consequences.