Since you cannot add another corner in Times Square regardless of the rent you can charge, we call the payment for the corners in Times Square what?
A)pure economic rent.
B)pure economic wage.
C)fixed rent.
D)high demand rent.
E)none of the above.

Question

Quizplus · Accepted Answer

The concept being described here is pure economic rent, which refers to the payment made for the use of a resource (in this case, the prime location of a corner in Times Square) that is in fixed supply and has no alternative use. This type of rent is not influenced by the cost of production or other factors, only by the demand for the resource.

Since You Cannot Add Another Corner in Times Square Regardless