Tom Has a PhD in History and Teaches at the Local

question 172

Multiple Choice

Tom has a PhD in history and teaches at the local college where he earns $75,000 a year.Truth be told,Tom loves teaching so much,he would gladly do it for $45,000.Which of the following can be said?

• A) Tom's economic rent is worth $30,000.
• B) Tom's producer surplus is worth $30,000.
• C) The value of Tom's marginal product is $75,000.
• D) All of these statements are true.

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