If X represents the factors of production and Y represent the factor price, which of the following sets of association is correct?

The correct set of associations between factors of production and factor prices is (land, rent), (capital, interest), (labour, wage). Land is a natural resource used in production, and its price is referred to as rent. Capital refers to the man-made resources used in production, and its price is interest. Labour represents the human effort put into production, and its price is referred to as a wage. Therefore, option (D) is the correct answer as it correctly associates land with rent, capital with interest, and labor with wages. Option (A) is incorrect because labor earns wages, not profit, while capital earns profits. Option (B) is incorrect because land earns rent, not interest, while capital earns profits. Option (C) is incorrect because labor earns wages, not rent, while land earns rent.