John an apprentice engineer and amateur trumpet... - JAMB Economics 2019 Question
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 option: d
A surplus arrived at by deducting marginal product and opportunity cost is the known as the Eonomic rent.
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