All of the Following Are Examples of Equilibrium Factor-Price Differentials,EXCEPT

question 102

Multiple Choice

All of the following are examples of equilibrium factor-price differentials,EXCEPT

• A)the different prices of two pieces of land,one with a good supply of water and one without.
• B)the different wages earned by labour of varying ability.
• C)the difference in average wages in Toronto and Dryden,Ontario.
• D)an income differential that induces increased rates of entry into the higher paid professions.
• E)higher pay to a dentist than to a dental hygienist.

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Definitions:

Exponential

Referring to a mathematical function or growth characterized by an increasing rate as the value of the variable increases.

Quadratic

Relates to an algebraic expression of the second degree, typically in the form of \(ax^2 + bx + c = 0\), where \(a\), \(b\), and \(c\) are constants.

Scatterplot

A graph that depicts the correlation between two quantitative variables by displaying data points on a Cartesian plane.

Linear Model

A mathematical representation that describes the relationship between one or more independent variables and a dependent variable.