A singer would willingly perform in a concert for $10,000. If she is paid $25,000 for the concert, she is
A) receiving $25,000 to cover her opportunity cost.
B) not being paid her full opportunity cost.
C) receiving $15,000 of economic rent.
D) certainly being paid more than warranted by the level of demand.
Answer: C
You might also like to view...
Which of the following nations can be called a mixed economy?
A. The United States. B. Italy. C. Sweden. D. France. E. All of these nations are mixed economies.
Union membership, in terms of percentage of the U.S. civilian labor force
A. was over 50 percent in 2020. B. has increased steadily since the passage of the Wagner Act. C. has increased dramatically since 1970. D. peaked about 1960 and has since declined.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.
A price-discriminating monopoly is a monopoly that
A) sells its output at a single price to all of its customers. B) sells different units of a good or service at different prices. C) has control over the resources used to produce the product. D) has a license to sell the product. E) illegally charges different customers different prices for the good it produces.