Question : According to Modern Theory of Rent, rent accrues to
Option 1: capital only
Option 2: any factor
Option 3: labour only
Option 4: land only
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Correct Answer: any factor
Solution : The correct option is any factor,
The Modern Theory of Rent states that rent accrues to the owner of a factor of production when supply is fixed or constrained in comparison to demand. According to this view, rent is a surplus generated because of a resource's special qualities or scarcity rather than a cost of production.
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