A successful entertainer such as LeBron James earns astronomical amounts. Other entertainers earn just a relatively small wage. Discuss why LeBron James's earnings consist of the basic wage plus a rent. LeBron James's earnings include a rent because he O A. plays basketball efficiently. O B. works in a competitive industry. O C. plays in many games. O D. requires a rent to be willing to play. O E. has unusual abilities.Consider the inverse demand curve: p = 60 - 2Q. Assume the market price is $40.00. Calculate consumer surplus at the equilibrium market price and quantity. Consumer surplus (CS) is $ . (Enter your response rounded to two decimal places.)1u".|'hich of the following best describes the implications of a deadweight loss? [:1 A. Resources are being wasted on the production of goods that consumers do not value. [:1 E. Economic resources are not being allocated efficiently: either too much or not enough of the good is being produced. [:1 C. Consumers are harmed because producers are charging a price higher than marginal cost. [:1 D. The welfare of society is placed second to corporate prots. Given that the world supply curve is horizontal at the world price for a given good, can a subsidy on imports raise welfare in the importing country? 1.) Use the line drawing tool to show the effect of a $2 per unit subsidy by shifting world supply. Label this line 'S.'. 2.) Use the point drawing tool to indicate the quantity demanded and price with the subsidy. Label this point Price, P Carefully follow the instructions above, and only draw the 5 Sworld required objects. PINWA 4 D 2 54 5 6 7 8 9 10 11 Quantity, QUsing the information from Deadweight Loss from Wireless Taxes, draw graphs to illustrate why the tax on landlines creates no deadweight loss while the tax on cell phones creates a more substantial deadweight loss. 1.) Use the line drawing tool to draw the demand for landline minutes. Label this line 'landline'. 2.) Use the line drawing tool to draw the demand for wireless minutes. Draw the curve such that wireless demand, landline demand and supply intersect price per minute at the same point. Label this line wireless'. S 3.) Use the point drawing tool to indicate the initial equilibrium. Label this point 'E,". 4.) Use the line drawing tool to show how a specific tax affects the supply of minutes. Label this line 'S,'. Carefully follow the instructions above, and only draw the required objects. wireless or landline minutesIf the supply function is Q =10+p, what is the producer surplus if price is 20? O A. 100 O B. 300 O C. 200 O D. 400