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Consider the following information regarding a person's decision to go to college: college tuition is $20,000 per year, room and board is $10,000 per year, and books and materials are $2,000 per year.Suppose that instead of going to college this person could have earned $18,000 working in a store.An economist would calculate the cost of going to college as
Total Profit
The financial gain made by a business after subtracting all expenses from its total revenues.
Perfect Competitor
A hypothetical market structure where many firms sell an identical product, entry and exit are free, all information is known to all parties, and no single buyer or seller can influence the market price.
Corn Farmer
An agriculturalist who specializes in the cultivation and production of corn crops for various uses, including food, feed, and biofuel.
Grocery Store
A retail establishment that sells food and other household goods.
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