Markets for Labor, Capitol, and Land, and the Environment Problems

Provide a paragraph or two in a Word document for each of the questions provided and explain your answers.

**Professional athletes command and receive higher salaries than teachers. Yet teachers, not athletes, are considered essential to economic growth and development. Why

then do athletes receive higher salaries than teachers?

**The dean at Middle State University knows that poets generally earn less than engineers in the private market; that is, the equilibrium wage for engineers is higher

than that for poets. Suppose that all colleges and universities except for Middle State University pay their professors according to their potential private market

wage. The administration at Middle State believes that salaries should be equal across all disciplines because its professors work equally hard and because all of the

professors have similar degrees—Ph.D.s. As a result, Middle State opts to pay all its professors a mid-range wage, WMS. What do you think is likely to happen to the

engineering and poetry programs at Middle State?

Why does internalizing externalities with taxes or subsidies sometimes increase the prices of goods and sometimes decrease them? When would workers in an industry

benefit from internalizing its externalities?

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