Question : Quasi-rent is a __________ phenomenon.
Option 1: medium-term
Option 2: long-term
Option 3: short-term
Option 4: no time
Correct Answer: short-term
Solution : The correct option is short-term .
A transient excess or additional profit made by a resource with a short-term fixed supply is referred to as quasi-rent in economics. It is a transient phenomenon because, over time, the additional profit can be eliminated as the supply of the resource can be adjusted to meet demand. Thus, quasi-rent is a transient phenomenon.
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