Firms that earn above-average economic profits over the long run are said to enjoy economic rents.

Name: Firms that earn above-average economic profits over the long run are said to enjoy economic rents.
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Economic rent refers to the excess profits earned by a firm due to its unique resources or position in the market that cannot be easily replicated by competitors. Therefore, firms that earn above-average economic profits over a sustained period of time are considered to be enjoying economic rents.

Firms That Earn Above-Average Economic Profits Over the Long Run