Economics 9708 · AS & A Level · Factors of production

Factors of production — practice question

What does the term economic rent mean?

  • 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

Worked solution & mark scheme

This 1-mark question has a full step-by-step worked solution and mark scheme.

  • Full mark scheme, point by point
  • Step-by-step worked solution
  • Write your answer & get it marked instantly by AI