Economics (AS & A Level) · May / June 2021 · Paper 33 · Question 16
9708Labour market forces and government intervention
What is meant by economic rent?
- Aany amount above the minimum earnings required to keep labour in its current job
- Bthe marginal physical product of labour multiplied by marginal revenue
- Cthe minimum amount required to keep labour in its current job
- Dthe regular payment to a property owner in exchange for the use of a building
As printed in the paper
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Correct answer: A. any amount above the minimum earnings required to keep labour in its current job
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