Latte31-This can also relate to the real estate market.
Years ago during the real estate boom people were willing to pay double what the current market price of these homes was. Often the sales were made for above market pricing because there was so much competition.
The difference between the price paid and the actual market value is also economic rent. The same could be said in current times with the depressed values. A seller might take less than the asking price because they really need to sell the home.
If the buyer offers a much lower offer than the list price and the seller accepts the difference between the price that the buyer could have paid and the price that the seller accepted is the economic rent.
The buyer would have paid more, but the seller was so eager that he took less money in order to sell the home.