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:

Entrepreneurship

The process of designing, launching, and running a new business, usually starting as a small enterprise.

Managing

The process of organizing, planning, leading, and controlling resources and tasks to achieve specific business objectives.