The Basic Principle That Explains the Demand for a Factor

question 74

Multiple Choice

The basic principle that explains the demand for a factor of production is the

• A)principle of marginal productivity.
• B)Hotelling principle.
• C)principle of opportunity cost.
• D)Ramsey pricing principle.

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Definitions:

Analytically

In a manner that involves the separation of a whole into its components for individual examination; logically and methodically.

Conceptual Skill

The ability to think analytically to diagnose and solve complex problems.

Complex Problems

Issues or situations that are multifaceted, involve many variables, and require nuanced solutions often beyond straightforward fixes.

Critical Thinking

The intellectually disciplined process of actively analyzing, synthesizing, and evaluating information gathered from observation, experience, reflection, or communication.