The equilibrium wage paid to college professors is generally thrice that of kindergarten teachers.The correct explanation for this difference in wages is:

Question

Quizplus · Accepted Answer

Becoming a college professor requires significant investment in education and experience, including obtaining a doctoral degree and conducting research. This investment results in a smaller pool of qualified candidates and a higher wage. Kindergarten teaching, although important, does not require the same level of investment and qualifications, resulting in a lower equilibrium wage.

The Equilibrium Wage Paid to College Professors Is Generally Thrice