when the supply curve has upward slope, Economic rent looks the same as supplier’s surplus? If not, what’s the difference? Thanks.
Yes it is totally the same with supplier’s surplus. For example, if a person can provide a very rare skills (let say a med doctor at the same time a lawyer & a CFA holder). Deffinitely his market price (equilibrium wage rate) has a large deffirence of what he actually want to receive. But offcurse that deffirence is not the same as to those who can only provide a much generalize skills. So the economic rent of Dr. XXXX, LLB, CFA is greater than to Mr. YYYY (a driver let say).
thanks for the confirmation