In an input market, economic rent is defined as
a. the total remuneration paid to a factor of production.
b. the minimum amount required to retain a factor of production in its present use.
c. the total cost for a firm of renting land, equipment, and buildings.
d. the extent to which payments to a factor of production exceed the minimum amount required to retain it in its present use.
Question 2
If the price of an input falls, a firm would increase the use of that input for two reasons:
a. The input is now more productive, and the firm can substitute this input for other relatively more expensive inputs.
b. The input is now more productive, and overall production costs are now lower, meaning a firm may choose to increase production.
c. Overall production costs are now lower and the firm can substitute this input for other relatively more expensive inputs.
d. Overall production costs are now lower and the firm will have more of other inputs to use with the one in question.
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Economic practice question
What is the total resistance of the circuit in Figure 1? 150