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Economic rent is a payment to a seller of a [[factor of production]] that is in excess of what the price should be, as measured by the supply price or the opportunity cost. In other words, economic rent is the surplus made by the seller, perhaps due to lack of competition.
'''Economic rent''' is a payment to a seller of a [[factor of production]] that is in excess of what the price should be, as measured by the supply price or the opportunity cost. In other words, economic rent is the surplus made by the seller, perhaps due to lack of competition.
There are four equivalent definitions of “economic rent.”:
There are four equivalent definitions of “economic rent.”:
(4) Economic rent is the payment of a factor of production in excess of the factor’s opportunity cost or supply cost.
(4) Economic rent is the payment of a factor of production in excess of the factor’s opportunity cost or supply cost.
[[Category:economics]]
[[Category:Economics]]