The age-earning cycle shows declining income as a person approaches retirement age because
A) worker productivity is increasing rapidly.
B) worker and hours worked diminish.
C) companies choose to promote these workers faster.
D) companies add-in Social Security payments as a supplement.
B
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The difference between the maximum price a consumer is willing to pay for a product and the actual price the consumer pays is called
A. utility. B. market failure. C. consumer demand. D. consumer surplus.
Accounting profit is typically
A. greater than economic profit because the former does not take explicit costs into account. B. smaller than economic profit because the former does not take implicit costs into account. C. equal to economic profit because explicit costs include all opportunity costs. D. greater than economic profit because the former does not take implicit costs into account.