Under conditions of perfect competition at the point of equilibrium, a firm's MRP curve is
Falling
Rising
Remaining constant
No change
The distribution of national income among persons in the society is called
Functional Distribution
Income Distribution
Personal Distribution
Demand distribution
If supply of a factor is perfectly inelastic the entire earning of the factor is
Quasi Rent
Transfer earning
Rent
Income
The demand curve for a factor is
A horizontal straight line
A vertical straight line
Negatively sloped line
Positively slopped line
The theory of factor pricing is popularly known as
Theory of Distribution
Theory of Consumption
Theory of Supply
Theory of demand
The wage fund theory is developed by
Ragnar Frisch
J.S. Mill
Keynes
Adam smith
According to the Ricardian theory of rent, the marginal land is one with
No Rent
Low Rent
High Rent
None of these
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 distribution of natural income among the factors of production is called
If a factor has many close substitutes, its elasticity of demand will be
Zero
High
Low
