A dedicated teacher loves being in the classroom and would teach for $40,000 per year, but he is actually paid $55,000 per year. This individual
A) receives economic rent of $20,000.
B) receives accounting profit of $20,000.
C) has an opportunity cost of $15,000.
D) receives economic rent of $15,000.
Correct Answer:
Verified
Q1: Economic rent applies to
A) land only and
Q2: Q4: Economic rent is any payment Q5: In analyzing land rent, David Ricardo constructed Q7: Ricardo's assumption for economic rents for land Q9: According to Ricardo's explanation of land rent, Q10: A payment for the use of any Q11: Pure economic rent is Q12: World-class models receive significant economic rents because Q16: The concept of economic rent is associated
A) received by
A) a payment to
A)
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents