Why do we have such extreme diversity in pay in the US---sport stars, actors, others making very high salaries while others make much less? What does economic theory tell us on this topic?
The reason of extreme diversity generally sources from the diversity of demand for products and services and their uniqueness. The output of a sports star or an actor has more demand and customers then the output of an ordinary person. They have popularity and uniqueness and most of the times it is very difficult to switch ...
Evaluate extreme diversity in pay in the US.