Most College Professors Have Tenure, Which Makes It Very Hard

question 2

Multiple Choice

Most college professors have tenure, which makes it very hard to fire them. What is the effect of tenure on the academic job markets?

• A) It makes it more likely the wages of tenured professors will reflect their productivity.
• B) It makes it more likely that professors will be will matched to the institutions they teach in.
• C) It reduces the job mobility of tenured professors.
• D) It increases the professors' willingness to invest in teaching.

Analyze the effectiveness of command-and-control vs. incentive-based regulations in addressing environmental issues.

Discuss the economic and environmental implications of pollution and pollution regulation.

Understand the concept of externality and its impact on markets and public welfare.

Examine the relationship between economic policies, pollution control, and public health.

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Definitions:

Elon Musk

An entrepreneur and business magnate known for his involvement in SpaceX, Tesla, Inc., and several other high-tech ventures.

Normal Profit

The minimum amount of revenue that a company needs to cover both explicit and implicit costs.

Entrepreneurs

Individuals who, rather than working as employees, run a business and assume all the risks and rewards of a given business venture, idea, or good or service offered for sale.

Allocative Efficiency

A state of resource distribution where resources are allocated in a way that maximizes the total benefit received by all members of society.