FIGURE 13- 4 the Three Diagrams Below Each Show a Supply

question 77

Multiple Choice

FIGURE 13- 4 The three diagrams below each show a supply curve for oil tankers over a relatively short period of time.

-John Smith plays baseball for $500 000 per year,but if he were not a baseball player,his next best alternative would be to earn $35 000 per year as a sales representative.By playing baseball,Smith is earning economic rent of

• A)zero.
• B)$465 000.
• C)$535 000.
• D)$35 000.
• E)$500 000.

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Definitions:

Female-Headed Households

Homes in which a female is the primary or sole breadwinner and decision-maker.

Economic Pressure

Financial stress or strain affecting individuals, families, or societies, influencing their behaviors and decisions.

Poverty Line

The minimum level of income deemed necessary to achieve an adequate standard of living in a given country, below which individuals are considered to be living in poverty.

Othermothers

Non-biological female caregivers who provide support and care in community settings, playing a significant role in child-rearing in many cultures.