All of the following statements,except one,are correct concerning the labour market for high-profile professional athletes.Which is the exception?

Question

Quizplus · Accepted Answer

Transfer earnings refer to the difference between what a worker earns in their current job and what they could potentially earn in their next-best alternative job. However, for high-profile professional athletes, there are few alternative jobs that would pay them a similar amount and provide the same level of prestige and status. Therefore, there is no transfer earnings involved in their pay. The other options are correct: the supply of high-profile professional athletes is limited, creating an inelastic supply; their salaries are determined by the demand for their skills and performance; and there is an element of economic rent in their pay, as they are able to command higher wages due to their unique abilities and marketability.

All of the Following Statements,except One,are Correct Concerning the Labour