Demond has a PhD in history and teaches at the local college, where he earns $75,000 a year. Truth be told, Demond loves teaching so much that he would gladly do it for $45,000 a year. Which of the following statements is true?
A) Demond's economic rent is worth $30,000.
B) Demond's producer surplus is worth $30,000.
C) The value of Demond's marginal product is $75,000.
D) All of these are true.
Correct Answer:
Verified
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