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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Nick’s salary is pure economic rent. What does this statement imply about Nick’s next-best alternative salary?

To determine

The pure economic rent.

Explanation

Economic rent is a return over and above the opportunity cost, whereas a pure economic rent is the return over the opportunity cost when it becomes zero...

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