Question 14 of 38
Q."Quasi-Rent is the income derived from machines and other appliances made by man". Whose quote is this ?
(a) J.S. Mill
(b) Joan Robinson
(c) Alfred Marshall
(d) Adam Smith
Puducherry TnboardTamil Nadu HSC First Year (DGE) Commerce Board 2020MCQ· 1mImportance★★★★★
37% · 14/38 Questions
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Start your 14-day free trial to unlock the full solution →The quote on quasi-rent belongs to (c) Alfred Marshall.
Quasi-rent is a concept introduced by Alfred Marshall. It refers to the short-period surplus income earned by man-made appliances such as machines, buildings and instruments whose supply cannot be increased quickly. Because their supply is temporarily fixed, they earn a rent-like surplus in the short run; this surplus disappears in the long run when supply can be adjusted, so it is only 'quasi' (like) rent rather than true rent, which arises from the fixed supply of land.
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