A payment for the use of an input that exceeds the opportunity cost of the input is known as

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Economic rent is a payment made to an input that is above its opportunity cost. It is a surplus payment made to an input that has a unique or scarce resource, such as a skilled laborer or prime land location. Real interest refers to the payment made for borrowing capital or lending savings. Economic profit is the revenue earned after accounting for all explicit and implicit costs. Economic cost refers to the total cost of all inputs used in production, including the opportunity cost of each input.

A Payment for the Use of an Input That Exceeds