A firm under perfect competition is in equilibrium when
MC = MR
MC > MR
MR< MC
MC - MR
The theory of factor pricing is popularly known as
Theory of Distribution
Theory of Consumption
Theory of Supply
Theory of demand
The distribution of national income among persons in the society is called
Functional Distribution
Income Distribution
Personal Distribution
Demand distribution
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 supply of a factor is perfectly inelastic the entire earning of the factor is
Quasi Rent
Transfer earning
Rent
Income
A factor which has less substitutes will have
Moderately high elasticity of demand
Very high elasticity of demand
Low elasticity of demand
Elasticity of demand
The supply of labour in an economy at very high real wages
Increases
Decreases
Remains Constant
No change
The distribution of natural income among the factors of production is called
Under conditions of perfect competition at the point of equilibrium, a firm's MRP curve is
Falling
Rising
Remaining constant
If a factor has many close substitutes, its elasticity of demand will be
Zero
High
Low
Constant
