Which of the following professionals is most likely to be able to generate the income of a superstar ?
Correct answer: B. the best writer
- A. the best professor
- B. the best writer
- C. All of these answers participate in markets that could generate a superstar
- D. The best accountant
- E. the best medical doctor
Explanation
Writing can generate superstar incomes because technology allows one highly valued writer’s work to reach a very large audience at relatively low additional cost. This creates a much wider market than most personal-service occupations.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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