For a Firm Buying Factors of Production in a Perfectly

question 145

Multiple Choice

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

• A) factors are hired where marginal revenue product is equal to 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 be less than its marginal factor cost.

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Definitions:

Committed Relationship

A romantic partnership where individuals agree to be exclusive and dedicated to each other, often involving long-term intentions.

Pragma

An interpersonal love style focusing on practicality and compatibility in relationships, emphasizing the pragmatic and logical aspects of forming bonds.

Intergenerational Relationships

Relationships between persons of different generations, often involving family ties or mentorship, that reflect the transfer of knowledge, customs, and values.

Intimate

Characterized by a close, familiar, and usually affectionate or loving personal relationship.