The Following Jobs Are Ranked from Most Desirable to Least

question 161

Multiple Choice

The following jobs are ranked from most desirable to least desirable from a survey of college seniors: personal fitness trainer,financial analyst,insurance agent,and sales clerk.Which of the four jobs will pay the least?

• A)personal fitness trainer because of compensating differentials in wages
• B)sales clerk because it requires the least education
• C)insurance agent because the supply of them is very high
• D)Any of the above explanations could be correct.

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Definitions:

Perfect Competition

An industry with so many firms that no one firm has any influence over price, and firms produce an identical product.

Imperfect Competition

All market structures except perfect competition; includes monopoly, oligopoly, and monopolistic competition.

Marginal Revenue Product

The additional revenue generated from employing one additional unit of a resource, considering all other inputs constant.

Marginal Revenue Product

The additional revenue generated by employing one more unit of a factor of production, holding all other factors constant.