Economic Rent Refers to the Price of a Factor of Production

question 181

True/False

Economic rent refers to the price of a factor of production which is fixed in supply.

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Definitions:

Autocracies

Forms of government where power is concentrated in the hands of a single individual or a small group, with little to no participation or opposition from the populace.

Support

Assistance or backing provided by an individual or group to another, often implying emotional, financial, or physical help.

Social Institutions

Established sets of norms and structures that guide society, including family, religion, education, and the economy.

Authoritarian

A governing system in which a single leader or party holds significant control over most aspects of public and private life.