Question

Suppose Joey Tribbiani is paid $150,000 to act on a soap opera, but he would be...

Suppose Joey Tribbiani is paid $150,000 to act on a soap opera, but he would be willing to do this job for $30,000. Thus, Joey has earned $120,000 in...

A. producer surplus

B. nominal wages

C. consumer surplus

D. rent

E. real wages

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Answer #1

Here the answer will be producer surplus

Producer surplusis the difference of what's the producer is willing to accept and what he actually accept

Comsumer surplus is the difference of what consumer are actually paying and what is their willingness to pay

Since hete the Joey is working in soap Opera so he is a supplier

The concept of actual and willingness comes under the consumer surplus and producer surplus and not under the nominal wage, real wage oor rent

Hence the correct answer here is option A

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