Economic Rent Can Be Defined As

question 50

Multiple Choice

Economic rent can be defined as:

• A)always the same as economic profit.
• B)the maximum amount that firms would be willing to pay for a fixed input.
• C)the minimum amount that firms actually have to pay for a fixed input.
• D)the difference between the maximum amount that firms would be willing to pay for a fixed input and the minimum amount that firms actually have to pay for that input.

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Definitions:

Bimodal

Describes a distribution or data set that has two distinct modes or peaks in its frequency of occurrence.

Parameter

A numerical characteristic of a population, such as mean or standard deviation, that can be estimated by statistics calculated from a sample.

Statistic

A numerical measure that describes an aspect of a sample of data, such as its mean or variance.

Population

The entire pool from which a statistical sample is drawn and to which the researcher intends the results to apply.