supply and demand in a market in 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 Summary
The use of supply and demand in a market in equilibrium is assessed.
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There are a number of factors that explain this situation even though these are all competitive markets:
1. Professional Sports Players are the equivalent of skilled workers. There are very few good players so you can't simply replace a player with a any farmer. That means that the supply of professional players is much lower than the demand for farmers (even if many people would like to be professional ...
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