Which of the following statements is true?
A)The motivation for rent seeking is not the same as the motivation for profit seeking.
B)Economic rent is a payment in excess of opportunity cost.
C)The deadweight loss triangle is not considered the graphic representation of one of the costs of monopoly; instead, it is one of the costs of not having a monopoly.
D)Rent seeking is almost always an irrational activity as far as the rent seekers are concerned.
E)a and d

Question

Quizplus · Accepted Answer

Economic rent is indeed a payment in excess of opportunity cost, as it represents earnings above the minimum required to keep a factor in its current use.

Which of the Following Statements Is True