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Unformatted text preview: of $600,000. Sheila runs the business herself. Her alternative employment options are to be a college swimming coach for $50,000 per year or a construction worker for $40,000 per year. Sheila spends $230,000 purchasing goods for resale to her customers. She also has four employees, who each earn $25,000 per year. Sheila owns the building that her Sports Shop is housed in-she remodeled a house that she owns and that she could have rented out for $20,000 per year instead. Sheila's economic profit is equal to A), $160,000 per year. B), $200,000 per year. C), $250,000 per year. D), $270,000 per year. 4, The air travel market, which is dominated by a few large firms, is an example of A), a monopoly market. B), an oligopolistic market. C), a perfectly competitive market. D), a monopolistically competitive market. THE END 2...
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This test prep was uploaded on 04/19/2008 for the course ECON 200 taught by Professor Newton during the Spring '08 term at Ohio State.
- Spring '08