Surprise Test

Why we demand factors

• Because of Marginal Productivity

• Because of Total Productivity

• Because of Marginal Utility

What situation is showing in this diagram?

• Monopsony in factor market & perfect Competition in goods market

• Monopoly in both market

• Perfect Competition in both market

Real wage meaning

• In terms of goods and services

• In terms of Money

• In terms of money, goods and services

What situation is shown in this diagram?

• Demand curve of Labour

• Supply curve of Labour

• Neither supply nor demand curve

This diagram shows the situation where a firm gets

• Super normal profit

• Normal profit

• Loss

Quasi Rent is measured by

• TR-TVC

• TR-TFC

• TR-AC

Wage is determined where

• Demand & Supply of labour intersect each other

• Demand of labour is more than supply of labour

• Supply of labour is more than demand of labour

According to the Ricardian Theory

• Rent is not included in price

• Rent is included in price

• Rent is partially included in price

According to the Ricardian theory of rent ,this diagram shows

• Extensive cultivation

• Intensive cultivation

• Both

Rent is paid for the land because of

• Perfect Inelasticity of land

• Perfect elasticity of land

• Both