The wage fund theory is developed by
Ragnar Frisch
J.S. Mill
Keynes
Adam smith
The aggregate supply of land area in an economy is
Perfectly elastic
Unity elastic
Perfectly inelastic
Imperfectly elastic
The theory of factor pricing is popularly known as
Theory of Distribution
Theory of Consumption
Theory of Supply
Theory of demand
Quasi rent is
Permanent in nature
Temporary in nature
Temporary for some time and then permanent
None of these
The distribution of natural income among the factors of production is called
Income Distribution
Personal Distribution
Functional Distribution
Demand distribution
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
Under perfect competition, a firm will employ more and more units of a factor so long as
MC = MR
HC = AC
MR is greater than MC
MC + MR
A firm under perfect competition is in equilibrium when
MC > MR
MR< MC
MC - MR
The minimum supply price of a factor to a use in the
Scarcity Rent
Economic Rent
Transfer Earnings
Distribution of rent
If a factor has many close substitutes, its elasticity of demand will be
Zero
High
Low
Constant
