Jack owns a bicycle shop where he sells and repairs bicycles. His revenue is $400,000 per year. His shop is in a building that he owns and could rent for $20,000 per year. He has an assistant to whom he pays a $30,000 salary each year. He paid $100,000 to purchase the inventory of bicycles he sells. He pays a total of $50,000 in taxes, insurance, and utilities each year. In order to operate his shop, Jack gave up his job as a CPA, where he earned $100,000 per year. What are Jack's implicit costs

The basic difference between macroeconomics and microeconomics is that: a. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). b. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). d. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.