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jujubee600 jujubee600
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5 years ago
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

Economics Today: The Micro View


Edition: 19th
Author:
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jaded 7.jaded 7.
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5 years ago
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jujubee600 Author
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5 years ago
Thank you, thank you, thank you!
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