When a Firm Is Buying an Input in a Perfectly

question 57

Multiple Choice

When a firm is buying an input in a perfectly competitive market, it accepts:

• A) that the input price is given.
• B) that the input price equals the input's marginal cost.
• C) that the supply curve of the input to the firm is horizontal.
• D) all of the above
• E) a and b

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Definitions:

Workflows

The sequence of processes through which a piece of work passes from initiation to completion in a business or system.

Sustainable Manufacturing

Is manufacturing where the exploitation of resources and use of technology is consistent with the future as well as present needs.

Mass Customisation

A manufacturing and business strategy that allows for the production of goods and services to meet individual customer’s preferences at a large scale.

Resource Exploitation

The utilization of natural resources or assets to their fullest potential with the goal of achieving maximum benefit while considering sustainability.