Factors of Production: True or False (EN)

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Yes/No quiz on distribution theories

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Sowmya S .

India

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Factors of Production: True or False (EN)


Factors of Production: True or False (EN)Version en ligne Yes/No quiz on distribution theories par Sowmya S . 1 Firms with monopoly power set prices above marginal cost, increasing the profit share. Yes No 2 Under perfect competition, the demand for a factor is determined by its marginal revenue productivity (MRP). Yes No 3 Profit is determined only by a firm’s technology and is unrelated to market structure or macroeconomic factors. Yes No 4 Rent is the payment made for the use of land. Yes No 5 Wages always rise with population growth and never affect profits. Yes No 6 In a perfectly competitive factor market, the firm is a price taker and the marginal factor cost (MFC) equals the factor price. Yes No 7 Rent arises solely from the physical scarcity of land and is independent of demand. Yes No 8 Marginal Productivity Theory states that wages, rents, and profits are determined by the marginal revenue product of the respective factors. Yes No 9 The supply curve of a factor is downward sloping in the short run in a perfectly competitive market. Yes No 10 Modern Theory of Distribution emphasizes that bargaining power and institutional factors influence factor incomes. Yes No 11 The demand for a factor is derived from the demand for the product it helps to produce (derived demand). Yes No 12 Wages are determined at the subsistence level in the Ricardo framework. Yes No

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Factors of Production: True or False (EN)

Oui ou Non

À propos de cette activité

Créé par

Téléchargez la version pour jouer sur papier

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Factors of Production: True or False (EN)Version en ligne

par Sowmya S .

Firms with monopoly power set prices above marginal cost, increasing the profit share.

Under perfect competition, the demand for a factor is determined by its marginal revenue productivity (MRP).

Profit is determined only by a firm’s technology and is unrelated to market structure or macroeconomic factors.

Rent is the payment made for the use of land.

Wages always rise with population growth and never affect profits.

In a perfectly competitive factor market, the firm is a price taker and the marginal factor cost (MFC) equals the factor price.

Rent arises solely from the physical scarcity of land and is independent of demand.

Marginal Productivity Theory states that wages, rents, and profits are determined by the marginal revenue product of the respective factors.

The supply curve of a factor is downward sloping in the short run in a perfectly competitive market.

Modern Theory of Distribution emphasizes that bargaining power and institutional factors influence factor incomes.

The demand for a factor is derived from the demand for the product it helps to produce (derived demand).

Wages are determined at the subsistence level in the Ricardo framework.