A payment for the use of any resource over and above its opportunity cost is called

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Economic rent is the payment made for the use of a resource over and above its opportunity cost. This means that economic rent is the excess payment made to a resource owner when their resource is in high demand or is scarce. It represents the surplus gained by the resource owner and is typically associated with land or other natural resources. Accounting profit is the difference between total revenue and explicit costs, economic profit is the difference between total revenue and both explicit and implicit costs, and normal cost is the cost of resources in their next best alternative use.

A Payment for the Use of Any Resource Over and Above