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 aggregate supply of land area in an economy is
Perfectly elastic
Unity elastic
Perfectly inelastic
Imperfectly elastic
If a factor has many close substitutes, its elasticity of demand will be
Zero
High
Low
The supply of labour in an economy at very high real wages
Increases
Decreases
Remains Constant
No change
The wage fund theory is developed by
Ragnar Frisch
J.S. Mill
Keynes
Adam smith
Marginal revenue product curve is
An excess demand curve
A supply curve for a factor
A demand curve for a factor
Decrease demand curve
Quasi rent is
Permanent in nature
Temporary in nature
Temporary for some time and then permanent
None of these
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 demand for a factor is
A direct demand
A derived demand
An excess demand
Decreasing demand
The theory of factor pricing is popularly known as
Theory of Distribution
Theory of Consumption
Theory of Supply
Theory of demand
