The incidence of a payroll tax is borne by both employers and employees

A public franchise is

A) an exclusive right granted to a firm to supply a good or service. B) a government issued license required to practice a profession. C) an exclusive right granted to an inventor of a product. D) a unique source of raw materials.

Suppose Angelo Sessa, owner of Sezz Medi Brick Oven Pizza in NYC, earns $350,000 in revenue per year. He spends $800 a month on ash wood for his stove, $2000 a month on rent, and $1500 a month on ingredients

He used to be a lawyer and earned $240,000 a year before he opened up Sezz Medi. Normal profit for a pizza business is $30,000. What is Angelo's economic profit? A) $28,400 B) $350,000 C) $58,400 D) $268,400