Question : The minimum payment to a factor of production is called:
Option 1: quasi-rent
Option 2: rent
Option 3: wages
Option 4: transfer payment
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Correct Answer: transfer payment
Solution : The correct answer is transfer payment .
Transfer income is the minimal payment to a component of production. Transfer revenue is the bare minimum required to retain a factor of production in its current usage. It is also known as the potential cost of the production factor.
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