Under conditions of perfect competition at the point of equilibrium, a firm's MRP curve is
Falling
Rising
Remaining constant
No change
The aggregate supply of land area in an economy is
Perfectly elastic
Unity elastic
Perfectly inelastic
Imperfectly elastic
The distribution of national income among persons in the society is called
Functional Distribution
Income Distribution
Personal Distribution
Demand distribution
Quasi rent is
Permanent in nature
Temporary in nature
Temporary for some time and then permanent
None of these
Marginal revenue product curve is
An excess demand curve
A supply curve for a factor
A demand curve for a factor
Decrease demand curve
A firm under perfect competition is in equilibrium when
MC = MR
MC > MR
MR< MC
MC - MR
A rightward shift in the MRP curve represents
An increase in the demand for the final product
A decrease in the demand for the final product
No change in the demand for the final product
Constant
The supply of labour in an economy at very high real wages
Increases
Decreases
Remains Constant
The distribution of natural income among the factors of production is called
If supply of a factor is perfectly inelastic the entire earning of the factor is
Quasi Rent
Transfer earning
Rent
Income
