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