14.2 Equilibrium in a Competitive Factor Market When discussing output markets in the long run,we defined economic rent as the payment received by a firm over and Above (the minimum cost of producing its output. For a factor market,economic rent is the difference between the payments made to a factor of production and the minimum amount that must be spent to obtain the use of that factor.14.2 Equilibrium in a Competitive Factor Market  When discussing output markets in the long run, we defined economic rent as the payment received by a firm over and Above (高于) the minimum cost of producing its output.  For a factor market, economic rent is the difference between the payments made to a factor of production and the minimum amount that must be spent to obtain the use of that factor