The minimum supply price of a factor to a use in the
Scarcity Rent
Economic Rent
Transfer Earnings
Distribution of rent
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
Marginal revenue product curve is
An excess demand curve
A supply curve for a factor
A demand curve for a factor
Decrease demand curve
The wage fund theory is developed by
Ragnar Frisch
J.S. Mill
Keynes
Adam smith
If supply of a factor is perfectly inelastic the entire earning of the factor is
Quasi Rent
Transfer earning
Rent
Income
A firm under perfect competition is in equilibrium when
MC = MR
MC > MR
MR< MC
MC - MR
The aggregate supply of land area in an economy is
Perfectly elastic
Unity elastic
Perfectly inelastic
Imperfectly elastic
The distribution of national income among persons in the society is called
Functional Distribution
Income Distribution
Personal Distribution
Demand distribution
The supply of labour in an economy at very high real wages
Increases
Decreases
Remains Constant
No change
The demand curve for a factor is
A horizontal straight line
A vertical straight line
Negatively sloped line
Positively slopped line