Imagine that starting next year, professors' salaries become determined entirely by student evaluations. Professors with the highest ratings will earn around $140,000 a year, while those with the lowest scores will receive about $30,000 a year. What will happen to teaching quality?
Congratulations to Elizabeth Ekey for providing a cogent analysis of the professor compensation scheme. Read Elizabeth's arguments in the comments section.
(This question is borrowed from James D. Miller's Principles of Microeconomics. The "winning" answer will exhibit concise and complete analysis.)