Jorge Is Debating Whether to Concentrate on Playing Professional Football

question 115

Multiple Choice

Jorge is debating whether to concentrate on playing professional football or professional baseball. He is offered $6 million a year to play baseball and $8 million a year to play football. If he chooses to play football

• A) the economic rent in his salary is $8 million.
• B) the economic rent in his salary is $6 million.
• C) the economic rent in his salary is $2 million.
• D) the economic rent in his salary is $14 million.

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Definitions:

Forgery

The act of falsely making or altering a writing with the intent to defraud, such as signing another person’s name to a check without authorization.

Fraudulently

Acting with intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right.

Marginal Cost

The supplementary expense resulted from manufacturing one extra unit of a good or service.

Variable Cost

A cost that varies with the level of output or production, such as materials and labor costs.