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
The demand for a factor is
A direct demand
A derived demand
An excess demand
Decreasing demand
Under conditions of perfect competition at the point of equilibrium, a firm's MRP curve is
Falling
Rising
Remaining constant
No change
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
If a factor has many close substitutes, its elasticity of demand will be
Zero
High
Low
The minimum supply price of a factor to a use in the
Scarcity Rent
Economic Rent
Transfer Earnings
Distribution of rent
The theory of factor pricing is popularly known as
Theory of Distribution
Theory of Consumption
Theory of Supply
Theory of demand
The supply of labour in an economy at very high real wages
Increases
Decreases
Remains Constant
The distribution of national income among persons in the society is called
Functional Distribution
Income Distribution
Personal Distribution
Demand distribution
The wage fund theory is developed by
Ragnar Frisch
J.S. Mill
Keynes
Adam smith
