Professional sports players are generally paid much more than farmers, factory workers, engineers, and teachers. The markets for the professional sports players, farmers, factory workers, engineers and teachers are generally competitive. Even among professional sports players, the salaries of players in some sports are generally significantly higher than the salaries of players in some other sports. How does this make sense using supply and demand in a market in equilibrium

Answer 1

Salaries depend upon perceived value. In this case, there are many more factory workers, teachers, etc., than there are dynamic sports players.