In a Perfectly Competitive Factor Market, the Supply of Factor

question 52

Multiple Choice

In a perfectly competitive factor market, the supply of factor to an individual firm is:

• A) vertical.
• B) horizontal.
• C) upward sloping.
• D) downward sloping.

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Definitions:

Insight Learning

Insight Learning is a cognitive process in which learning occurs suddenly through understanding the relationships between various parts of a problem rather than by trial and error.

Latent Learning

A form of learning that occurs without any obvious reinforcement of the behavior or associations that are learned.

Aha! Experience

A moment of sudden insight or discovery when a solution to a problem becomes clear, often after a period of contemplation or confusion.

Learned Helplessness

A scenario in which someone is afflicted by a profound sense of ineffectiveness, triggered by a harrowing event or consistent failures.