The supply of labour in an economy at very high real wages
Increases
Decreases
Remains Constant
No change
The demand curve for a factor is
A horizontal straight line
A vertical straight line
Negatively sloped line
Positively slopped line
A firm under perfect competition is in equilibrium when
MC = MR
MC > MR
MR< MC
MC - MR
Under conditions of perfect competition at the point of equilibrium, a firm's MRP curve is
Falling
Rising
Remaining constant
According to the Ricardian theory of rent, the marginal land is one with
No Rent
Low Rent
High Rent
None of these
The distribution of natural income among the factors of production is called
Income Distribution
Personal Distribution
Functional Distribution
Demand distribution
The aggregate supply of land area in an economy is
Perfectly elastic
Unity elastic
Perfectly inelastic
Imperfectly elastic
Quasi rent is
Permanent in nature
Temporary in nature
Temporary for some time and then permanent
If supply of a factor is perfectly inelastic the entire earning of the factor is
Quasi Rent
Transfer earning
Rent
Income
The demand for a factor is
A direct demand
A derived demand
An excess demand
Decreasing demand
