Question : Rent is a factor payment paid to
Option 1: land
Option 2: restaurant
Option 3: building
Option 4: factory
Correct Answer: land
Solution : The correct answer is land .
There are various terms included in the factor payment, these are mainly interest, profit, rent, and royalty. The factor of production generally consists of four factors viz, labour, capital, land and entrepreneurship. Rent is a payment paid to the owner of land as the services of land. Hence, rent is a factor payment paid to land.
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