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
The distribution of natural income among the factors of production is called
Income Distribution
Personal Distribution
Functional Distribution
Demand distribution
The distribution of national income among persons in the society is called
The demand for a factor is
A direct demand
A derived demand
An excess demand
Decreasing demand
According to the Ricardian theory of rent, the marginal land is one with
No Rent
Low Rent
High Rent
None of these
The theory of factor pricing is popularly known as
Theory of Distribution
Theory of Consumption
Theory of Supply
Theory of demand
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 factor which has less substitutes will have
Moderately high elasticity of demand
Very high elasticity of demand
Low elasticity of demand
Elasticity of demand
If supply of a factor is perfectly inelastic the entire earning of the factor is
Quasi Rent
Transfer earning
Rent
Income
