For a Firm Buying Factors of Production in a Perfectly

question 13

Multiple Choice

For a firm buying factors of production in a perfectly competitive factor market:

• A) factors are hired where marginal revenue product is less than marginal factor cost.
• B) its marginal revenue product curve for a factor is its factor supply curve.
• C) the price of a factor will be greater than its marginal revenue product.
• D) the price of a factor will equal its marginal factor cost.

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Definitions:

Sibling Rivalry

Competition, jealousy, and conflict between siblings, which can range from mild to severe and impact family dynamics.

Superiority Complex

A psychological defense mechanism in which a person's feelings of superiority mask their feelings of inferiority.

Cognitive Simplicity

A cognitive style or way of construing the environment characterized by a relative inability to perceive differences among people.

Conditional Positive Regard

Approval, love, or acceptance granted only when a person expresses desirable behaviors and attitudes.