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
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
According to the Ricardian theory of rent, the marginal land is one with
No Rent
Low Rent
High Rent
None of these
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
The supply of labour in an economy at very high real wages
Increases
Decreases
Remains Constant
No change
Marginal revenue product curve is
An excess demand curve
A supply curve for a factor
A demand curve for a factor
Decrease demand curve
A firm under perfect competition is in equilibrium when
MC > MR
MR< MC
MC - MR
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
If a factor has many close substitutes, its elasticity of demand will be
Zero
High
Low