) In Exhibit 111, economic rent at equilibrium is represented by area

Name: ) In Exhibit 111, economic rent at equilibrium is represented by area
Brand: Quizplus
Rating: 4.8 (52 reviews)

Question

)  In Exhibit 11­1, economic rent at equilibrium is represented by area

Quizplus · Accepted Answer

Economic rent at equilibrium is represented by the area under the demand curve and above the supply curve, which is represented by area b in Exhibit 11-1. Area a represents consumer surplus, and area c represents producer surplus. Therefore, the correct answer is b.

) in Exhibit 11­1, Economic Rent at Equilibrium Is

) in Exhibit 111, Economic Rent at Equilibrium Is