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Explain the differences in the three types of qualities associated with goods and services.
Pure Rent
Income received by a landowner for the use of a natural resource, land, or location that is essentially in fixed supply.
Pure Rent
Income earned from owning a resource completely fixed in supply, with no additional production cost.
Fixed Supply
A situation where the quantity of a good available is constant and does not change with price.
Demand Determined
A characteristic of markets where the quantity of goods or services sold is primarily influenced by consumer demand.
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