The supply of labour in an economy at very high real wages
Increases
Decreases
Remains Constant
No change
If a factor has many close substitutes, its elasticity of demand will be
Zero
High
Low
Constant
The distribution of national income among persons in the society is called
Functional Distribution
Income Distribution
Personal Distribution
Demand distribution
The demand for a factor is
A direct demand
A derived demand
An excess demand
Decreasing demand
The minimum supply price of a factor to a use in the
Scarcity Rent
Economic Rent
Transfer Earnings
Distribution of rent
According to the Ricardian theory of rent, the marginal land is one with
No Rent
Low Rent
High Rent
None of these
Under conditions of perfect competition at the point of equilibrium, a firm's MRP curve is
Falling
Rising
Remaining constant
If supply of a factor is perfectly inelastic the entire earning of the factor is
Quasi Rent
Transfer earning
Rent
Income
Marginal revenue product curve is
An excess demand curve
A supply curve for a factor
A demand curve for a factor
Decrease demand curve
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
