Question

relationship between rent and producer surplus in the long-run

Answer 1

Answer:

Producer surplus is profits if it is not capitalized and is Ricardian rents if it is capitalized. The long-run competitive industry supply curve can be presented as upward-sloping, horizontal, or even downward-sloping. ... The resulting surplus is profit if it is not capitalized and is Ricardian rent if it is capitalized.

Explanation:

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