All of the Following Statements,except One,are Correct Concerning the Labour

question 90

Multiple Choice

All of the following statements,except one,are correct concerning the labour market for high-profile professional athletes.Which is the exception?

• A)The supply is inelastic.
• B)The wage rate is demand-driven.
• C)There is an element of economic rent in their pay.
• D)There is no transfer earnings involved in their pay.

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Definitions:

Profits

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Groupthink

A psychological phenomenon that occurs within a group of people when the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Heterogeneity

The quality or state of being diverse in character or content; variety within a group or structure.

Status Construction

The process through which social hierarchies and positions are created and maintained within societies.