.List and describe the four conditions necessary for everyone to receive equal pay in the long run.
2.Describe how the substitution effect and the income effect influence the slope of an individual's supply curve of labor.
3.Alex Rodriguez was the highest played baseball player in 2012, earning about $32 million playing for the New York Yankees. Explain the economic justification for the owners paying such a high salary; be sure to incorporate the concept of marginal revenue product (MRP) into your answer.
4.What does the elasticity of demand for labor measure? List and describe the three determinants of this type of elasticity.
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