Asked by Trista Keller on May 12, 2024
Verified
Economic rents
A) accrue only to land.
B) accrue only to labor.
C) accrue only to entrepreneurs.
D) can accrue to any resource.
Economic Rents
Earnings in excess of the minimum amount required to keep a resource in its current use, often due to scarcity or monopolistic control.
Accrue
The accumulation or increase of something over time, especially payments or benefits.
- Understand the principle of economic rent and its relevance across different resources.
Verified Answer
AS
Abdul SameerMay 17, 2024
Final Answer :
D
Explanation :
Economic rents can accrue to any resource, not just land, labor, or entrepreneurship. Any resource that is scarce and has value can potentially earn economic rents in a competitive market.
Learning Objectives
- Understand the principle of economic rent and its relevance across different resources.