If people have identical tastes,then the economic rent created by a common property is

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Quizplus · Accepted Answer

Economic rent is the extra amount of money that individuals are willing to pay for a resource or property above its market price. If people have identical tastes, it means that they all value the property equally and are willing to pay the same amount for it. Therefore, there is no economic rent as no one can get an advantage over others by paying a higher price.

If People Have Identical Tastes,then the Economic Rent Created by a Common