Which of the Following Is Not a Way That Economists

question 108

Multiple Choice

Which of the following is not a way that economists describe "economic rent"?

• A)The gains that workers and owners of capital receive from supplying their labor or machinery in factor markets
• B)The producer surplus in output markets
• C)The rental price of a factor of production minus the cost of supplying it
• D)The total revenue that a factor of production earns its owner

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Definitions:

Price of Labor

often refers to wages, which is the amount of money paid to workers for their services in production.

Price of Capital

The cost of using capital goods, which can be reflected in interest rates, rental rates, or the opportunity cost of using one's own capital.

South Africa

A country located at the southernmost tip of Africa, known for its diverse culture, languages, and landscapes, as well as its rich history.

Price of Beef

The amount of money required to purchase a specific quantity of beef in a market.