At the Trolley House bar even the worst bartender makes $50 in tips a night, but most make $100. Tom, however, is the rare bartender who do fancy tricks with the bottles and make snazzy jokes. Tome earns $250 in tips per night. Tom’s economic rent is
A. $50.
B. $150.
C. $200.
D. $250.
Answer: C
You might also like to view...
Marginal utility theory shows us that water, which is very common, has a ________ marginal utility and a ________ total utility
A) small; large B) large; small C) large; large D) small; small
The spread between the interest rates on Baa corporate bonds and U.S. government bonds is very large during the Great Depression years 1930-1933. Explain this difference using the bond supply and demand analysis
What will be an ideal response?
In economics terminology, the process of accumulating money is investment
a. True b. False Indicate whether the statement is true or false
If a technological breakthrough reduces input quantities needed to produce some item,
A. cost of production will be increased. B. the price of the product will rise. C. the price of the product will fall. D. quantity demanded of the product will fall.