A period in which the economy is growing at a rate significantly above normal is called a(n):

According to the above figure for a gasoline market, what happens when the price per gallon of gasoline jumps from $1 to $4?

A) A gasoline surplus is replaced by a gas shortage. B) The market moves from a shortage of 40 million gallons/day to a surplus of 50 million gallons/day. C) The market shortage is replaced by market equilibrium. D) A surplus of 40 million gallons/day results.

Billy Bob runs a seafood restaurant. Last year he earned $50,000 in revenue. He had explicit costs of $20,000. Billy Bob could have made $30,000 working for the county and could have received an additional $20,000 if he rented out his building and equipment. Calculate Billy Bob's implicit costs.

a. $20,000 b. $30,000 c. $50,000 d. $70,000