Which of the following would be least likely to earn economic rent?
A)an owner of land located on Yonge Street,near downtown Toronto
B)Lady Gaga
C)John Smith,an auto-plant worker in Oshawa,Ontario
D)Robert Bateman,famous wildlife artist
E)a university professor who loves every bit of his job

Question

Quizplus · Accepted Answer

Economic rent refers to the surplus income earned by a factor of production beyond what is required to keep it in its current use. An auto-plant worker is typically not in a position to earn economic rent as they do not possess a unique or specialized skill that commands a premium in the market.

Which of the Following Would Be Least Likely to Earn