In an Economy in 2017,3 Million People Had Full-Time Managerial

question 90

Multiple Choice

In an economy in 2017,3 million people had full-time managerial and professional jobs that paid an average of $800 a week.At the same time,1 million people had full-time sales positions that paid an average of $530 a week.Managers and professionals are paid more than salespeople because

• A)the supply curve of managers and professionals lies above that of salespeople.
• B)the demand curve for managers and professionals lies above that of salespeople.
• C)managers and professionals have a a higher value of marginal product.
• D)the typical manager or professional has incurred a higher cost of education.
• E)all of the above

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Definitions:

Relationship Between Two Variables

A statistical or causal connection between two types of variables or data sets.

Quantitative Data

Numerical information that represents the quantity or amount of something, allowing for measurement and statistical analysis.

Y-intercept

The point where a line or curve intersects the y-axis of a graph, often representing the value of the dependent variable when the independent variable is zero.

Simple Linear Regression

A statistical method for modeling the relationship between a single independent variable and a dependent variable by fitting a linear equation to observed data.