JAMB - Economics (2019 - No. 40)
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
Forklaring
Economic rent is a surplus arrived at by deducting marginal product and opportunity cost.