It Is Sometimes Claimed That Deckhands on Crab Boats in the Icy

question 34

Multiple Choice

It is sometimes claimed that deckhands on crab boats in the icy waters off Alaska are paid more than elementary school teachers.If this is true,one reason might be _____

• A)the difference in working conditions.
• B)that school teachers are usually women.
• C)that the supply of teachers is small.
• D)that the demand for teachers is small.
• E)that the market does not value teachers.

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Definitions:

Competitive Firm

A company that operates in a market where it must accept the prevailing prices set by the market through supply and demand.

Variable Factors

Inputs or resources whose usage level can be altered in the short run to influence the level of output produced.

Warehouse Space

The area available in a warehouse used for the storage of goods.

Cost Function

An equation or formula that determines the total cost of production based on the relationship between costs and output levels.