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The concept of economic rent is associated with the British economist David Ricardo (1772-1823). ...

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The concept of economic rent is associated with the British economist David Ricardo (1772-1823). ...

The concept of economic rent is associated with the British economist David Ricardo (1772-1823). Ricardo analyzed economic rent for land. Which of the following is FALSE with respect to determining land rent?

• The supply curve for land is vertical (perfectly inelastic).

• Ricardo assumed the quantity of land in a country is fixed.

• Rent is payment for a resource above its opportunity cost.

• Payment for a resource below its opportunity cost is rent.

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Economics Today: The Micro View

Edition: 19^th

Author: Miller

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