Economics · Factor Pricing
Match List-I (Concept) with List-II (Correct Description) in the theory of factor pricing: List-I P. Economic Rent (modern definition) Q. Quasi-Rent (Marshall) R. Transfer Earnings (Opportunity Cost) S. Pure Economic Profit List-II1. Short-run surplus earned by a fixed factor above its variable cost; disappears in long run2. The minimum payment needed to keep a factor in its current use3. Earnings above transfer earnings; a surplus attributable to the factor's inelastic supply4. Revenue above total costs (including normal profit); zero in long-run competitive equilibrium Choose the correct matching:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1P-2, Q-1, R-3, S-4
- 2P-3, Q-1, R-2, S-4✓
- 3P-1, Q-3, R-4, S-2
- 4P-3, Q-2, R-1, S-4
Correct answer
P-3, Q-1, R-2, S-4
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