In a situation in which internal costs differ from social costs, we say that there exists a(n)

Sammy has a drone that he values at $1,500. Dean values the same drone at $2,000. Sammy decides to sell the drone to Dean for $1,800. What is the total cooperative surplus gained as a result of this trade?

A) $0 B) $200 C) $300 D) $500

Define opportunity cost. A student who has just graduated from college has three job offers: the first job pays him $35,000 a year, the second job pays him $23,000 a year, and the third one pays him $15,000 a year

What is the student's opportunity cost of taking the first job?