Economic rent ?
Correct answer: B. are the payments above the minimum essential to attract the resources to the market?
- A. is productive activity to obtain private benefit from public action and resources
- B. are the payments above the minimum essential to attract the resources to the market?
- C. is the wage used to pay unskilled workers?
- D. does not include monopoly profits
Explanation
Economic rent is the payment to a factor of production above the minimum required to keep it in its present use. It can include returns associated with scarcity or monopoly power, so option d is incorrect.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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