Economic rent is a payment in excess of
A)average fixed cost.
B)average variable cost.
C)opportunity cost.
D)explicit cost, but not necessarily implicit cost.
E)none of the above

Question

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Economic rent is a payment made to a factor of production (land, labor, capital) in excess of what is needed to keep that factor in its current use, essentially exceeding the opportunity cost.

Economic Rent Is a Payment in Excess of