2. Explain why economic rent is a surplus payment when viewed by the economy as a whole...
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2. Explain why economic rent is a surplus payment when viewed by the economy as a whole but a cost of production from the standpoint of individual firms and industries.
Explain: “Land rent performs no ‘incentive function’ for the overall economy.” LO18.1
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Microeconomics Principles, Problems, And Policies
ISBN: 9781259915727
21st Edition
Authors: Campbell McConnell
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