Exhibit 11.3

-Refer to Exhibit 11.3,which shows the demand and supply curves of a resource.The economic rent in equilibrium equals _____
A)$40.
B)$60.
C)$10.
D)$700.
E)$300.

Name: Exhibit 11.3 -Refer to Exhibit 11.3,which shows the demand and supply curves of a resource.The economic rent in equilibrium equals _____ A)$40. B)$60. C)$10. D)$700. E)$300.
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Question

Exhibit 11.3
 
-Refer to Exhibit 11.3,which shows the demand and supply curves of a resource.The economic rent in equilibrium equals _____
A)$40. 
B)$60. 
C)$10. 
D)$700. 
E)$300.

Quizplus · Accepted Answer

Economic rent is the area above the supply curve and below the equilibrium price. In this case, it is $300.

Exhibit 11.3 -Refer to Exhibit 11.3,which Shows the Demand and Supply Curves