CSS :: Pricing Factors

1.  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

2.  Under perfect competition, demand for a factor is its:
A. MRP curve B. ARP curve
C. TRP curve D. TR - TC

3.  We should employ units of a factor to a point where:
A. MR is negative B. MP is equal to price of the factor
C. MP is positive D. MP is rising

4.  If marginal product of labour rises because of new technology:
A. Wages will rise B. Wages will fall
C. Wages will be unaffected D. May rise or fall

5.  One of the following is NOT a assumption of the marginal productivity theory:
A. Units of factor are homogeneous B. Mobility of factor
C. Low price of factor D. Perfect competition

6.  Increasing the minimum wage for workers will:
A. Sole the unemployment problem B. Result in scarcity of workers
C. Cause a substitution of capital for labour D. Decrease the MP of those workers


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