John an apprentice, engineer, and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra…

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?

A. marginal physical productivity
B. marginal income productivity
C. consumer’s surplus
D. economic rent

Correct Answer: Option D

D. economic rent

Explanation

Economic rent is a surplus arrived at by deducting marginal product and opportunity cost.

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