Why Is a Plumber Never Likely to Be as Rich

question 14

Multiple Choice

Why is a plumber never likely to be as rich as a movie star?

• A) Compensating differentials create a higher wage in the movie business.
• B) There haven't been any significant technological advances in the plumbing industry.
• C) Productivity levels are low in the plumbing industry due to low worker morale.
• D) A plumber can provide his services to only a limited number of customers.

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Definitions:

Price Change

A variation in the price level of goods or services over a period of time, which can affect demand, supply, and market equilibrium.

Initial Endowment

The initial set of assets, goods, or resources individuals or entities possess before engaging in transactions or economic activities.

Kumquats

Small, orange citrus fruits with a sweet and tangy flavor, edible both peel and flesh.

Quinces

A type of fruit from the same family as apples and pears, typically hard and sour, often used in preserves or jellies.