For an individual who has special talent as a singer, a large proportion of her salary can be considered
A) a fixed cost.
B) economic rent.
C) a payment below opportunity cost.
D) opportunity cost.
Answer: B
You might also like to view...
The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for cod, a common resource. The efficient outcome is ________
A) 0 tons per week B) 300 tons per week C) 400 tons per week D) None of the above answers is correct.
The difference between the ________ for a good and the ________ is called consumer surplus
A) lowest price a consumer is willing to pay; price the consumer actually pays B) highest price a consumer is willing to pay; price the consumer actually pays C) highest price a consumer is willing to pay; lowest price a consumer is willing to pay D) price the consumer actually pays; actual cost to the producer
If the marginal utility of each good consumers buy does not diminish but remains constant, we should witness consumers:
a. buying no goods at all. b. spending all of their income on the good with the highest MU. c. buying one of each good. d. buying only the least expensive goods. e. become indifferent to what goods they buy.
An example of a public good is
A. a concert by renowned country music star. B. a good that can be used exclusively by one consumer only. C. a local free fireworks display. D. a café latte at Starbucks.