A Payment for the Use of an Input That Exceeds

question 47

Multiple Choice

A payment for the use of an input that exceeds the opportunity cost of the input is known as

• A) real interest.
• B) economic profit.
• C) economic rent.
• D) economic cost.

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Definitions:

Deliberate Tasks

Activities consciously planned and executed to achieve a specific goal.

Overspecialized Work

work that is narrowly defined and requires a very specific set of skills or expertise, potentially leading to limitations in adaptability and opportunities.

Time And Motion Studies

Systematic observations and analyses of tasks to improve efficiency by reducing the time required to complete them and eliminating unnecessary motions.

Economic Benefit

Economic benefit refers to the positive impact on the wealth or financial state of an individual, organization, or society resulting from an action or decision.