Rob currently earns a salary of $1,000 per week as an economics instructor. His

Question

Rob currently earns a salary of $1,000 per week as an economics instructor. His next best career would have been an assistant manager at Pizza Hut, where he would have earned $12 per hour, and would have worked for 40 hours per week. What weekly economic rent does Rob receive from being an economics instructor?
A) $1000
B) $480
C) $12
D) $1480
E) $520
F) $0 since he is in the his first chosen career

What event could happen only in the very long run?
A) a firm hires more labor
B) a firm decides to stay open late on a holiday
C) a firm opens a second factory
D) a firm gets a larger factory
E) a firm gets more technologically advanced capital

Explanation / Answer

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