Tom has a PhD in history and teaches at the local college where he earns $75,000 a year. Truth be told, Tom loves teaching so much, he would gladly do it for $45,000. Which of the following can be said?
A. Tom's economic rent is worth $30,000.
B. Tom's producer surplus is worth $30,000.
C. The value of Tom's marginal product is $75,000.
D. All of these statements are true.
D. All of these statements are true.
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