Economic rent is the payment made to a factor of production above the amount necessary to induce any of that factor to be supplied at its present employment.

Name: Economic rent is the payment made to a factor of production above the amount necessary to induce any of that factor to be supplied at its present employment.
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Economic rent is the surplus payment made to a factor of production beyond what is required to bring that factor into production at its current use.

Economic Rent Is the Payment Made to a Factor of Production