Oil companies lobbying the government for gasoline price supports are engaging in rent-seeking behavior.

Phil Harrison is a welder who works on skyscrapers and extension bridges. Phil's brother William is also a welder but he works in a manufacturing plant where he does all of his welding on ground level

Which of the following would not explain why Phil earns a higher wage than his brother? A) cognitive dissonance B) Phil's marginal revenue product is greater than William's marginal revenue product. C) Phil has greater experience as a welder than his brother has. D) Phil's job is more hazardous than William's job.

Assume that for Jim Swain, a corn producer from Illinois, the only source of farm income is from the production of corn. Swain produced 150,000 bushels of corn in 2012, receiving $5 per bushel. Assuming this producer had production expenses of $300,000,

and assuming the Consumer Price Index (CPI) for 2012 was 2.50, what was his real farm income for 2012? A) $450,000 B) $200,000 C) $750,000 D) $180,000