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Economics 11th Edition by William McEachern
Edition 11ISBN: 978-1305505469Economics 11th Edition by William McEachern
Edition 11ISBN: 978-1305505469 Exercise 3
OPPORTUNITY COST AND ECONOMIC RENT On-the-job experience typically enhances a person's productivity in that particular job. If the person's salary increases to reflect increased experience but the additional experience has no relevance for other jobs, does this higher salary reflect an increase in opportunity cost or in economic rent?
Explanation
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Opportunity cost:
Opportunity cost refe...
Economics 11th Edition by William McEachern
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