Question

Suppose that a labor economist claims that recipients of economics PhDs gain little in terms of acquired productive skills from their graduate studies but that, instead, the degree simply reflects a high level of inherent mathematical ability. Which one of the following characterizes the labor economist's perspective on the link between education and wages? Compensating differentials Signaling The superstar phenomenon O Human capital A famous rapper has earned enormous sums of money by supplying creative music to millions of fans. Which of the following statements characterize this market in which some earn astronomical incomes, while others (who may have similar talent) earn very little? Check all chat Technology allows for supplying all customers at low cost. Nearly all customers in the market desire the good supplied by the superstar. Because of technology, his music is essentially a public good. The best recording artists earn dramatically more than good or mediocre artists. Customers in this type of market prefer having twice as much of a good from a recording artist half as talented as the superstar.

Answer 1

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Explanation

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