Which of the Following Correctly Describes Economic Rent

question 31

Multiple Choice

Which of the following correctly describes economic rent?

• A)The area that is enclosed between a firm's upward-sloping input supply curve and the input demand curve represents economic rent.
• B)The payment to an input that is in excess of the minimum amount necessary to retain the input in its present use is economic rent.
• C)The difference between the payment to an input and the maximum amount necessary to retain the input in its present use is economic rent.
• D)The payment made by a firm to lease the services of land,buildings,equipment,or some other durable asset is economic rent.