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Q:

Which of the following statements is correct?

  • 1
    Most workers will work for less than their reservation wage
  • 2
    The reservation wage is the maximum amount of any firm will pay for a worker
  • 3
    Economic rent is the difference between the market wage and the reservation wage
  • 4
    Economic rent is the amount one must pay to enter a desirable labour market
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Answer : 3. "Economic rent is the difference between the market wage and the reservation wage"

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