Any payment to a factor of production in excess of what is necessary to keep that factor in its present employment is known as? By: Sunday|Published on: Aug 3|Categories: Economics WAEC| 0 comments A. real income B. profit C. economic rent D. real wage Correct Answer: Option C – economic rent Users Also Read These:The reward for land as a factor of production is?The length of a simple pendulum is increased by a…The factor of production whose reward is profit is?The only factor of production that plays an active…Â In a crop production enterprise, a fixed factor of…SEE ALSO Output restriction, fixing of prices, creating obstacles to free entry into the market are features of?