The Term "Economic Rent" Refers to

question 44

Multiple Choice

The term "economic rent" refers to

• A)transfer earnings plus opportunity cost.
• B)factor payments in excess of transfer earnings.
• C)the opportunity cost of land.
• D)a payment for use of land.
• E)economic profit.

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Definitions:

Price Controls

Government interventions to regulate the maximum or minimum prices of certain commodities or services, aiming to prevent market imbalances.

Market Price

The existing rate at which an asset or service is available for buying or selling in a competitive environment.

Not Binding

A term used to describe agreements, conditions, or regulations that do not impose restrictions on the actions of the involved parties.

Market Effect

The impact of supply, demand, and external factors on the prices and availability of goods and services in a market.