Which of the following persons is engaged in "Secondary Production"?

I - a bricklayer
II - an automobile assembly-line worker
III - an accountant
IV - a cinema projectionist

Let capital formation = CF, Production = P, C = consumption. Then CF =_______

If wage rate is less than the average revenue product, the firms would be earning________

The determination of wages in a labour market depends on the_______

If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______