A professional basketball players' union negotiates a contract that dramatically increases all players' salaries. How would this influencethe opportunity cost for a player who was considering giving up basketball to pursue a career in broadcasting?Select one:Oa.it would increase the opportunity cost of continuing to play professional basketballO b. it should have no bearing on the player's decision from an economic standpointit would not affect the opportunity cost of playing basketball or of broadcastingO d. it would increase the opportunity cost of becoming a broadcaster

The opportunity cost is the benefit of the next best alternative that is given up.

Answered: A professional basketball players'…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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22
(c) Let us now turn to the labor market for grocery store workers in Little town. Recently one of the last two grocery stores in Little town closed leaving only one employer for grocery store workers in this area. This labor market is not very competitive. What type of market structure is this? (d) Draw a typical supply curve (i.e. average expenditure), marginal expenditure, and demand for the grocery store in Little Town. Label the equilibrium wage and number of grocery store workers. (e) Suppose that some time has passed and the population has grown in Little Town and there are now many grocery stores. Now suppose that the grocery store workers unionize. Draw a graph to depict the equilibrium wage and number of workers in this new market.
Explain what the invariance principle is within the sports labor market? What does this mean about the measures leagues put into place to promote competitive balance, like the reverse order draft?
The quote by Carl Sagan: "Absence of evidence is not evidence of absence." This quote implies that: AIf we cannot find evidence that there is discrimination, then discrimination doesn't exist. B If we cannot find evidence that discrimination in sports exist, doesn't mean that discrimination doesn't exist. C If we find evidence of discrimination, then discrimination exist. D If we find evidence of discrimination, then it is still possible that discrimination doesn't exist. E If we cannot find evidence that there is discrimination, then discrimination exist.
Write a sentence or two defining the following terms in your own words. Give examples of each. j. Dishonest workers k. Elastic Demand l. Entrepreneurship
Occupational Health and Safety Legislation authorizes a) Governments to establish and enforce occupational health and safety standards. b) Unions to establish and enforce occupational health and safety standards. c) Employers to establish and enforce occupational health and safety standards. O d) Individual committees to establish and enforce occupational health and safety standards.
How does a competitive industry affect unions? A. Unions can exercise higher monopoly power. B. Unionization requires a great deal of effort. C. Unions focus on geographically distributed producers. D. Unions focus on national service providers.
Use a labor supply and labor demand graph to show why salaries in the NBA went down during the Great Recession. Explain why the curves moved the way they did.
microeconomics
3:22 l LTE Question 11 Unanswered 2 attempts left Many professional sports teams operate under a salary cap. This means that teams typically have a fixed amount of money that they can spend on players' salaries - that is, a salary cap. This is true of the National Basketball Association (NBA), for example. Suppose that the NBA has a salary cap of $100 million dollars, and a team has $30 million available to sign new players. That is, $70 million has already been committed to player salaries. The team has two further possibilities: either sign a star player for $30 million, or sign two good, solid supporting players for $15 million each. What is the opportunity cost of signing the star player, assuming the team spends its full budget? A 2 supporting players 1 star player $30 million D There is no opportunity cost B.

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