Payments to an input above the supplier's reservation price are termed
A) economic rent.
B) economic profit.
C) accounting rent.
D) implicit rent.
E) input surplus.

Name: Payments to an input above the supplier's reservation price are termed A) economic rent. B) economic profit. C) accounting rent. D) implicit rent. E) input surplus.
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Question

Quizplus · Accepted Answer

Economic rent refers to payments to a factor of production (input) that exceed the supplier's reservation price, which is the minimum amount they would accept.

Payments to an Input Above the Supplier's Reservation Price Are