Pure economic rent is the price paid to a factor of production that is fixed in total supply

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Economic rent is the price paid for a factor of production that is in fixed supply, such as land, natural resources, or some types of skilled labor. These factors cannot be increased in quantity, so the price paid for their use is determined by supply and demand conditions in the market. Therefore, pure economic rent is the price paid for factors of production that cannot be increased in quantity, and which generates an income in excess of the minimum required to retain those resources in their current use.

Pure Economic Rent Is the Price Paid to a Factor