Suppose a Professor Gives Up Her Teaching Job to Devote

question 92

Multiple Choice

Suppose a professor gives up her teaching job to devote her time to writing textbooks.Soon after,salaries for professors rise.As a result,_____

• A)her accounting profit will rise.
• B)her accounting profit will fall.
• C)her explicit costs will rise.
• D)her economic profit from textbooks will fall.
• E)her economic profit from textbooks will rise.

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Definitions:

Genuine Assent

A true agreement to a contract evidenced by all parties' understanding and free will to enter into the contract without any deception, coercion, or undue influence.

Common Law

A body of unwritten laws based on legal precedents established by the courts, as opposed to statutes or regulations enacted by legislative bodies.

Offeror

The person or entity who makes a proposal or offer in a contract negotiation.

Offeree

The party to whom an offer is made in a contract situation.