If Mary rents her land for $250/month and her next best use of the land would earn her $100/month, her economic rent is __________.

Name: If Mary rents her land for $250/month and her next best use of the land would earn her $100/month, her economic rent is __________.
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Quizplus · Accepted Answer

Economic rent is the difference between what a resource earns in its present use and what it could earn in its next best use. 
Therefore, Mary's economic rent is $250 - $100 = $150.

If Mary Rents Her Land for $250/month and Her Next