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Question : Quasi-rent is a __________ phenomenon.

Option 1: medium-term

Option 2: long-term

Option 3: short-term

Option 4: no time


Team Careers360 1st Jan, 2024
Answer (1)
Team Careers360 5th Jan, 2024

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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