Professional sport players generally are paid much morethan farmers, factory wor

Question

Professional sport players generally are paid much morethan farmers, factory workers, engineers, and teachers.The marketsfro the professional sports players, farmers, factory workers,engineers and teachers are generally competitive markets. Evenamong professional sport players the salaries for players in somesports are generally significantly higher than the salary in someother sports. How does theis make sense using supply and demand ina market in equilibrium? Professional sport players generally are paid much morethan farmers, factory workers, engineers, and teachers.The marketsfro the professional sports players, farmers, factory workers,engineers and teachers are generally competitive markets. Evenamong professional sport players the salaries for players in somesports are generally significantly higher than the salary in someother sports. How does theis make sense using supply and demand ina market in equilibrium?

Explanation / Answer

   Athletic ability is a matter of genes, andthe few athletes that have an advantage in their sport are in highdemand. Furthermore, if the population in general increasesin physical ability, there will still be an elite class ofathletes, the ones at the top.    However, every team wants to have the bestplayers to attract fans. As a result, the best athletes arein short supply, but in high demand.    The fact that most athletes are forced toretire early, before their 40s, because professional sports is agame for the young, further decreases the supply with respect toother professions.

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