Answer: D) receives economic rent of $10,000.
A dedicated professor loves being in the classroom and would teach for $50,000 per year, but he is actually paid $60,000 per year. This individual
A) receives economic rent of $1100,000.
B) has an opportunity cost of $110,000.
C) has an opportunity cost of $50,000.
D) receives economic rent of $10,000.
Economics
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A) As society increases its wealth, the problem of scarcity disappears. B) The factors of production are used to produce outputs that help society satisfy its wants. C) Even though a society faces the problem of scarcity, it does not necessarily suffer from poverty. D) Land and labor are both factors of production.
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Which of these changes is observed in an economy when a recessionary gap is closed in the long run?
What will be an ideal response?
Economics
Refer to the information provided in Figure 7.4 below to answer the question(s) that follow. 
Figure 7.4Refer to Figure 7.4. The marginal product of the second worker is
A. 10. B. 16. C. 20. D. 32.
Economics