Why are professors paid less than lawyers and doctors

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Reference no: EM13831284

1) Suppose both product and factor markets are competitive, why is the labour demand curve downward sloping?

2) Professors, lawyers and doctors receive similar amounts of education, why are professors paid less than lawyers and doctors?

3) Why do we say that a monopoly is inefficient?

4) Why are some of the products, such as gasoline, taxed more heavily than other goods such as food? Explain your answer in terms of externalities.

5) How can patent encourage invention?

Explain the following practice/policy in terms of externalities.

(i) Charitable donation over HK$100 is tax deductible in Hong Kong.

(ii) Government increases the penalty for the drivers who run the “red light”.

Reference no: EM13831284

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