Explain the Concept of Marginal Factor Cost

question 69

Essay

Explain the concept of marginal factor cost.Why is the marginal factor cost higher than the wage rate?

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Definitions:

Primary Circular Reaction

The stage in early infancy when a child begins to repeat actions on their own body that originally occurred by chance, indicating early cognitive development.

Babinski Reflex

The Babinski reflex is a neurological sign observed in infants when the sole of the foot is stroked, the big toe moves upward or toward the top surface of the foot, and the other toes fan out.

Tertiary Circular Reaction

A stage in Piaget's theory of cognitive development where infants try out new behaviours to see what results they have, displaying early elements of experimentation.

Accidental Touches

Unintended physical contact between individuals, which can occur in various contexts and may convey different messages or emotions based on the situation.