College professors are highly skilled (or at least highly educated!) laborers, yet their wages are not very

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College professors are highly skilled (or at least highly educated!) laborers, yet their wages are not very high. Is this a refutation of the marginal productivity theory?

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Economics Principles and Policy

ISBN: 978-0538453653

12th edition

Authors: William J. Baumol, Alan S. Blinder

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Question Posted: Apr 12, 2016 07:19 AM

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College professors are highly skilled (or at least highly educated!) laborers, yet their wages are not very

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No marginal productivity determines the demand schedule for labor but the actual wage is determin...View the full answer

Economics Principles and Policy

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