A Dedicated Professor Loves Being in the Classroom and Would

question 304

Multiple Choice

A dedicated professor loves being in the classroom and would teach for $70,000 per year, but he is actually paid $80,000 per year. This individual

• A) receives economic rent of $150,000.
• B) has an opportunity cost of $80,000.
• C) has an opportunity cost of $70,000.
• D) receives economic rent of $10,000.

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Definitions:

Proof Box

A container used by photographers to hold and display proofs of photographs for clients.

Conveyer Belts

Continuous moving strips or belts that are used in a variety of processes and locations to transport materials or objects from one place to another.

Glaze Coating

a smooth, often glossy barrier applied on surfaces like pottery, ceramics, and baked goods.

Hopper

A container used for bulk storage, particularly for materials that can flow freely, or a device that feeds materials into another machine.