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    Professional Sport Players - Supply, Demand & Equilibrium

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    Professional Sport players generally are paid much more than farmers, factory workers, engineers, and teachers.

    The markets for the professional sports players, farmers, factory workers, engineers and teachers are generally competitive markets.

    Even among professional sport players, the salaries for players in some sports are generally significantly higher than the salary in some other sports.

    How does this make sense using supply and demand in a market in equilibrium?

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    Solution Preview

    The reason is because the supply of sports players are limited, while the supply of other fields are not.

    It takes, generally speaking, 4 years of college education, and perhaps a few more years of graduate work to become an ...

    Solution Summary

    The expert examines professional sport players supply, demand and equilibrium.