A factor of production whose supply is fixed in the short run may get additional earnings These earn...........

Economics- Phase (I & II) Consumption Function

A factor of production, whose supply is fixed in the short run, may get additional earnings. These earnings are generally referred to as

Surplus value

Quasi-rent

Transfer earnings

Super normal profits

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Explanation:

A factor of production, whose supply is fixed in the short run, may get additional earnings. These earnings are generally referred to as Quasi-rent. The earnings from machines and instruments are termed as quasi-rent. The quasi-rent refers to the income produced when the demand for products increases suddenly.