Examlex
Select the statement that is most correct.
Economic Rent
Represents the payment to an owner or factor of production in excess of the costs needed to bring that factor into production. In simpler terms, it's the extra income earned because of an owner's unique position or resource.
Marginal Land
Land that yields minimal agricultural output due to poor soil quality, steep slopes, or other environmental factors.
Location
Refers to the geographical situation of a place based on physical and human factors, influencing its connectivity and economic activities.
Marginal Land
Land that has limited agricultural productivity or is challenging to cultivate due to its poor soil, rough terrain, or other adverse conditions.
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