Economic rent is the payment made to a resource that has a perfectly inelastic demand curve.

Name: Economic rent is the payment made to a resource that has a perfectly inelastic demand curve.
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Economic rent refers to the payment made to a factor of production (resource) over and above what is required to bring that factor into production, not specifically to resources with a perfectly inelastic demand curve. It is more about the surplus payment to a factor whose supply is fixed.

Economic Rent Is the Payment Made to a Resource That