John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

A marginal physical productivity
B marginal income productivity
C consumer's surplus
D economic rent

jamb 2019 economics

The correct answer is D. economic rent

Economic rent is a surplus arrived at by deducting marginal product and opportunity cost.

Previous question Next question