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________
- marginal physical productivity
- marginal income productivity
- consumer's surplus
-
economic rent
The correct answer is: D
Explanation
Economic rent is a surplus arrived at by deducting marginal product and opportunity cost.