Technology Is an Important Factor in Explaining the High Incomes

question 58

Multiple Choice

Technology is an important factor in explaining the high incomes of some athletes primarily because

• A)technology accounts for differences in incomes within all occupations.
• B)technology makes it possible for very large numbers of people to watch athletes perform.
• C)technology improves the performance of athletes.
• D)technology requires human capital to use it efficiently.

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Definitions:

Brewmasters

Brewmasters are professionals skilled in the brewing of beer, overseeing the production process from ingredient selection to fermentation and final product tasting.

Perfectly Competitive

A market scenario where products are identical, there are numerous buyers and sellers, and no single entity can influence the market price.

Brewmaster

A professional who is responsible for the production, innovation, and quality control of beer in a brewery.

Perfectly Competitive

A market structure characterized by many buyers and sellers, homogeneous products, and free entry and exit, which leads to an efficient allocation of resources.