Therefore the gap between Demand and

Supply is generated and production factor earns supernatural rent.

However when supply of factor increases in long run or when demand comes down the supernormal rent gets disappeared.

Thus as it is a temporary or tentative rent it is called Quasirent .

The Modern Theory “In economics ,whenever unit of a factor of production is receiving an income greater than the minimum amount necessary to induce that factors to remain in its present occupation ,the surplus of receipt over its minimum supply price, may be called an Economic rent .” --- Meyers