Professional Underwater Divers Are Known to Have High Wages and Work

question 200

Multiple Choice

Professional underwater divers are known to have high wages and work an average of only 20 hours per week. Which of the following would push the divers' wages higher?

• A)The job is simple.
• B)The job is fun.
• C)The job is very dangerous.
• D)The job does not require specialized training.

---

Definitions:

Concentration Ratio

A measure that assesses the level of market concentration, indicating the combined market share of the top firms (usually the top 4 or 8) in the industry.

Kinked Demand Curve

The demand curve for the cutthroat oligopolist, which is based on the assumption that competitors will match a price cut, but will not match a price increase.

Collusive Oligopoly

A market condition where a few companies or entities cooperate to restrict competition and control prices for their mutual benefit.

Price Leadership

A situation in which one company, the price leader, sets the price of goods or services within its market and other companies in the sector follow suit.