A dedicated professor loves being in the classroom and would teach for $70,000 per year, but he is actually paid $80,000 per year. This individual

Question

Quizplus · Accepted Answer

The professor's economic rent is the difference between what he is actually paid ($80,000) and what he would be willing to accept for the job ($70,000), which is $10,000. Therefore, the correct answer is D. The opportunity cost is not relevant to this question.

A Dedicated Professor Loves Being in the Classroom and Would