A-LevelEconomicsThe price system and the microeconomy9708/31 · May/June 2017 · Q161 Mark

What is defined as 'the payment made to a factor of production over and above that necessary to keep the factor in its present use'? A economic rent B normal profit C opportunity cost D transfer earnings

Mark scheme

Marking points from the official mark scheme (May/June 2017). The mark or mark type is shown in brackets.

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Topic: The price system and the microeconomy, A-Level Economics (syllabus 9708). Structured question, 1 mark.
Source: A-Level Economics, May/June 2017 Paper 3 Variant 1, question 16.

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