The minimum supply price of a factor to a use in the
Scarcity Rent
Economic Rent
Transfer Earnings
Distribution of rent
The demand curve for a factor is
A horizontal straight line
A vertical straight line
Negatively sloped line
Positively slopped line
If supply of a factor is perfectly inelastic the entire earning of the factor is
Quasi Rent
Transfer earning
Rent
Income
Marginal revenue product curve is
An excess demand curve
A supply curve for a factor
A demand curve for a factor
Decrease demand curve
If a factor has many close substitutes, its elasticity of demand will be
Zero
High
Low
Constant
The aggregate supply of land area in an economy is
Perfectly elastic
Unity elastic
Perfectly inelastic
Imperfectly elastic
The demand for a factor is
A direct demand
A derived demand
An excess demand
Decreasing demand
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
According to modern theory rent arises when
Actual earning exceeds transfer earnings
Actual earning equal transfer earnings
Actual earning falls short of transfer earning
Actual earning decreases transfer earnings
According to the Ricardian theory of rent, the marginal land is one with
No Rent
Low Rent
High Rent
None of these
