Economic rent is _____

Name: Economic rent is _____
Brand: Quizplus
Rating: 4.9 (52 reviews)

Question

Quizplus · Accepted Answer

Economic rent is the payment to a resource in excess of its opportunity cost. It is the surplus that a resource earns over and above the minimum amount necessary to keep it in its current use. Essentially, it is the difference between what a resource earns and what it could earn in its next best alternative use.

Economic Rent Is _____