Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food and other variable costs were $20,000
Lauren could have worked as a biologist and earned $50,000 per year. An economist calculates her implicit costs as A) $150,000.
B) $63,000.
C) $50,000.
D) $110,000.
E) $0 because Lauren did not work as a biologist.
C
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Answer the following statement true (T) or false (F)
Farmers' complaints during the post-Civil War period included all of the following except
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