Question

Quasi-rents may be thought of as: Select one: a. Economic profits. b. The difference between accounting...

Quasi-rents may be thought of as:

Select one:

a. Economic profits.

b. The difference between accounting profits and economic profits.

c. The difference between profits made in the best use of any asset and those that would be made in the second best use of the asset.

d. Accounting profits.

e. None of the above answers are correct.

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Homework Answers

Answer #1

It shall be noted that as per the economics book - The Routledge Handbook of Agricultural Economics edited by Gail L. Cramer, Krishna P. Paudel, Andrew Schmitz, the quasi-rent is defined as the difference between the profit that a producer can make within a contractual relationship, and the next best use of those assets.

Thus, the correct answer is - c. The difference between profits made in the best use of any asset and those that would be made in the second-best use of the asset.

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