If an input is freely available to the community, its economic
rent will
1. equal the area over the supply curve of the input
below the price actually paid for it.
2. equal the total revenue from the sale of it minus
the total cost of it to the producers of final products.
3. equal the entire total revenue from sale of it in
a free market in which there are many purchasers and sellers.
4. equal the price paid for the input minus the
average per-unit cost of making it available.
Choose the option that yields the correct answer.