"The fact that a college professor who has a higher marginal product earns a lower wage than a football coach,is proof that sports is valued more than education." Assuming that the markets for professors and coaches are competitive,one can conclude that this conclusion is essentially:
A)accurate because the higher average wage shows that the demand for football coaches is higher than the demand for a faculty member.
B)accurate because a higher marginal product indicates that college professors are more productive than football coaches and yet earn a lower wage.
C)faulty because the number of professors employed is higher than the number of football coaches employed.
D)faulty because wages depend not only on the marginal product of the worker but also on the price of the final product.

Question

Quizplus · Accepted Answer

The statement overlooks other factors that influence wages, such as the price of the final product. College sports generate billions of dollars in revenue, and football coaches are key players in this industry. Higher demand from consumers for the sports industry generates higher revenue for football coaches, which is why they earn higher wages compared to college professors. However, this does not necessarily mean that sports are valued more than education.

"The Fact That a College Professor Who Has a Higher