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Question
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?
A) The supply curve for land is vertical (perfectly inelastic).
B) Rent is payment for a resource above its opportunity cost.
C) Payment for a resource below its opportunity cost is rent.
D) Ricardo assumed the quantity of land in a country is fixed.
Answer
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Related questions
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