MACROECONOMICS-W/MINDTAP
15th Edition
ISBN: 9781305361409
Author: Gwartney
Publisher: CENGAGE L
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Chapter 5, Problem 13CQ
To determine
Define market failure.
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While visiting and chatting with an old friend who lives in a rural area, a man's teenage daughter joins the conversation and shared that she wants to work on a farm after she graduates from college and that farming is her passion. She shared the graph that follows from the Bureau of Labor Statistics that she recently obtained that shows the average wage (salary) by profession. She was very confused about why different professions pay people different wages. She was expecting the pay rate for people who work in the farming industry to be paid more than other “unnecessary” professions. While sharing the data with you, she asked the following questions:
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