Payment to an input which is in excess of the minimum amount required to retain the input in its present use is called _____.

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Economic rent refers to the payment made for the use of a resource, which is over and above the minimum amount required to keep that resource in its current use. Surplus value refers to the excess value created by labor over and above the wages paid to the worker. Total revenue refers to the total amount of money received from the sale of a product or service. Factor payment refers to the payment made to factors of production such as labor, capital, and land.

Payment to an Input Which Is in Excess of the Minimum