The term "economic rent" refers to
A)a payment for use of land.
B)transfer earnings plus opportunity cost.
C)the opportunity cost of land.
D)economic profit.
E)factor payments in excess of transfer earnings.

Question

Quizplus · Accepted Answer

Economic rent refers to payments made to a factor of production, like land or labor, that exceed the minimum amount required to keep it in its current use, which is its transfer earnings.

The Term "Economic Rent" Refers to