"The Firm Hires the Factor Up to the Point Where

question 494

Multiple Choice

"The firm hires the factor up to the point where the value of the factor's marginal product is equal to the factor's price." This statement applies to which factor of production?

• A)labor only
• B)land only
• C)capital only
• D)land, labor, and capital

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Definitions:

Role-Plays

A training or learning technique where individuals act out roles in specific scenarios to practice skills, behaviors, or problem-solving in a controlled environment.

Participant

A person who takes part in something, such as an event, activity, or study.

Assessed

To be assessed means to be evaluated or measured in terms of performance, quality, or value.

Lateral Moves

A job change within an organization to a position of similar status and pay, offering professional growth without upward promotion.