World-class models receive significant economic rents because

Name: World-class models receive significant economic rents because
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Economic rents are generated when a factor of production (in this case, the talents and abilities of world-class models) is in fixed supply relative to demand. This means that there is a limited number of individuals who possess the necessary skills and attributes to be considered world-class models, resulting in higher earnings for those who do.

World-Class Models Receive Significant Economic Rents Because