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Suppose all workers & jobs in a hypothetical economy

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1a) Suppose all workers & jobs in a hypothetical economy are homogeneous. Explain why no wage differentials exist if this economy were perfectly competitive & information & mobility were costless. Explain why wage differentials would arise if, on the other hand, information & mobility were imperfect and costly.;b)Analyze why college professors generally earn less than their professional PhD counterparts who are employed by corporations.

 

Paper#28009 | Written in 18-Jul-2015

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