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Iggie took a university teaching job as an assistant professor in 1974 at a salary of $10,000. By 2003, she had been promoted to full professor, with a salary of $50,000. If the price index was 50 in 1974 and 180 in 2003, then what is Iggie's 1974 salary in 2003 dollars?
Private Goods
Goods that are excludable and rivalrous, meaning their consumption by one individual prevents another from consuming them.
Public Goods
Goods that are non-excludable and non-rivalrous, meaning they can be used by everyone and one person's use does not diminish another's.
Government
The organized assembly or body of individuals leading a structured society, typically a nation.
Monopolies
Market structures characterized by a single seller facing no competition in offering a unique product or service.
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