The concept of economic rent would be more applicable to the earnings of
A)a secretary.
B)Peyton Manning.
C)a doctor or a lawyer.
D)only a landowner.

Question

Quizplus · Accepted Answer

Economic rent refers to the extra income earned by a factor of production due to its unique qualities or scarcity. Peyton Manning, as a highly skilled and unique athlete, earns income that exceeds the opportunity cost of his time, making economic rent applicable to his earnings.

The Concept of Economic Rent Would Be More Applicable to the Earnings