John an apprentice, engineer and amateur trumpet player, ...
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
Correct answer is D
Economic rent is a surplus arrived at by deducting marginal product and opportunity cost.
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Which of the following is NOT a reason for the absence of an industry in the rural areas? ...