A TV actor used to be a teacher. Aside from the salary, he likes both jobs equally well. If he can earn $50,000 as a teacher and $300,000 as an actor, what are his economic rent and opportunity costs as an actor?
a. Economic rent is $250,000 . opportunity costs are $50,000.
b. Economic rent is $50,000 . opportunity costs are $250,000.
c. Economic rent is $50,000 . opportunity costs are $300,000.
d. Economic rent is $300,000 . opportunity costs are $50,000.
e. Economic rent is $300,000 . opportunity costs are $350,000.
A
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