Every factor of production gets reward equal to:
A) Value of average product
B) Value of marginal product
C) Value of total product
D) Total revenue
Correct Answer:
Verified
Q1: If equilibrium price rises but equilibrium quantity
Q2: A decrease in demand causes the equilibrium
Q3: Price of a product is determined in
Q4: In market equilibrium, supply is vertical line.
Q6: Under perfect competition, demand for a factor
Q7: We should employ units of a factor
Q8: If marginal product of labour rises because
Q9: Increasing the minimum wage for workers will:
A)Sole
Q10: The price of capital is
A)money
B)Interest
C)profits
D)wages
Q11: If MRP > Price of the factor:
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