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| economic rent definitions | |||
|---|---|---|---|
| # | Definition | Sets | |
| 1 | that part of the payment for a factor of production that exceeds the owners reservation price, the price below which the owner would not supply the factor | 2 sets | |
| 2 | that part of the payment for a factor of production that exceeds the owner's reservation price, the price below which the owner would not supply the factor | 2 sets | |
| 3 | part of payment for a factor of production that exceeds the owner's reservation price | 2 sets | |
| 4 | the amount of rental which a building would receive, if set by the market, as opposed to contract rent set by the lease. | 2 sets | |
| 5 | payment to any factor of production that can't be reproduced | 1 set | |
| 6 | part of payment for a factor of production that exceeds the owner's reservation price, the price below which the owner would not supply the factor. | 1 set | |
| 7 | rent a property will produce when employed to its optimum efficiency) 100% occupied) | 1 set | |
| 8 | a payment for the use of any resource over and above its opportunity cost. | 1 set | |
| 9 | portion of resouces total earnings that exceeds its opp cost, earnings greater than amt reqired to keep | 1 set | |
| 10 | the portion of earnings above transfer earnings | 1 set | |
| 11 | the price of something that has a fixed supply. (13) | 1 set | |