Question

2. Part of the reason that Michael Jordan earns millions of dollars each year while school teachers may earn $30,000 is because

O The supply of superstar basketball players is very low, while the supply of competent teachers is much larger.
O Demand for Michael Jordan's talents is very high since he can generate so much revenue for a firm.
O Consumers enjoy basketball to the point that they are willing to spend lots of money and time attending games and watching
commercials.
O All of the Above

Answer 1

Step-by-step explanation:

The correct answer is: All of the Above.

All three factors contribute to the wage gap between Michael Jordan and school teachers. The first factor is the difference in the supply of superstar basketball players and competent teachers. There are only a limited number of individuals with the physical and skill abilities to play basketball at a superstar level, while there is a larger pool of individuals with the necessary qualifications to become a teacher.

The second factor is the high demand for Michael Jordan's talents. Michael Jordan is a highly successful and recognizable basketball player, and his skills and accomplishments have generated a lot of revenue for the teams he has played for, as well as for the companies he has endorsed. This high demand for his talents translates into a higher salary for him.

The third factor is consumer demand for basketball. Consumers enjoy basketball and are willing to spend money and time to watch games and advertisements featuring their favorite players, which generates revenue for the teams and companies associated with the sport. This consumer demand also contributes to the higher salaries earned by superstar players like Michael Jordan.