Question

examples of 3 conditions of modern theory of rent​

Answer 1

Answer:

(a) The supply may be perfectly elastic, which can be shown as a horizontal straight line.

b) The supply of land may be absolutely inelastic.

c) There is the situation in between these two extremes, i.e., it is elastic, but not perfectly elastic.

Answer 2

Answer:

Hey mate answer of your question is given below by me.

Explanation:

Modern Theory of Rent – Explained! ... According to modern theory, economic rent is a surplus which is not peculiar to land alone. It can be a part of income of labour, capital, entrepreneur. According to modern version rent is a surplus which arises due to difference between actual earning and transfer earning.

I hope it can help you..