2. Explain why economic rent is a surplus payment when viewed by the economy as a whole,...

Question:

2. Explain why economic rent is a surplus payment when viewed by the economy as a whole, but is a cost of production from the standpoint of individual firms and industries. Explain: Land rent performs no incentive function in the economy. [LO18.1]

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Microeconomics

ISBN: 9781108420969

15th Canadian Edition

Authors: Campbell R. Mcconnell, Stanley L. Brue, Sean M. Flynn, Thomas P. Barbiero

Question Posted: