Justin builds fences for a living. Justin's outofpocket expenses (for wood, paint, etc.) plus the value that he places
A) producer surplus.
B) producer deficit.
C) cost of building fences.
D) profit.

Question

Justin builds fences for a living. Justin's out­of­pocket expenses (for wood, paint, etc.) plus the value that he places
A) producer surplus.
B) producer deficit.
C) cost of building fences.
D) profit.

Quizplus · Accepted Answer

The out-of-pocket expenses and the value Justin places on his time and effort represent the cost of building fences.

Justin Builds Fences for a Living