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Quasi-rent
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Rent of availability
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markets for factors
chapter 17
| Term | Definition |
|---|---|
| Quasi-rent | Economic rent earned by a factor of production in the short run which will disappear in the long run once the supply of the factor is increased |
| Rent of availability | A very high economic rent that is earned by a supplier of labour or an entrepreneur who posses very rare talents or abilities |
| specific factor | a specific factor of production is one that can be used for only one purpose |
| supply price | we can define the supply price of a factor of production as the minimum payment necessary to bring that factor into its present use and maintain it in that use |
| Transfer earnings | we can define the transfer earnings of a factor of production as the earnings that the would receive in its next most highly paid alternative employment |
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