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A factor of production, whose supply is fixed in the short run, may get additional earnings. These earnings are generally referred to as |
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Answer» Quasi-rent A FACTOR of production, whose supply is fixed in the short run, MAY get additional EARNINGS. These earnings are generally referred to as Quasi-rent. The earnings from MACHINES and instruments are termed as quasi-rent. The quasi-rent refers to the income produced when the demand for products increases suddenly. |
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