If a Perfectly Competitive Firm Is a Factor Price Taker

question 137

Multiple Choice

If a perfectly competitive firm is a factor price taker, at the profit- maximizing factor quantity

• A)VMP = MRP.
• B)MRP = MFC.
• C)MFC = factor price.
• D)both a and b
• E)all of the above

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Definitions:

Clothing

Clothing refers to items worn on the body, typically made from fabrics or textiles, but can include garments made from animal skin or other thin sheets of materials put together, serving to protect, adorn, or fulfill social and cultural expressions.

Price Decrease

refers to a reduction in the cost of goods or services in the market.

Consumer

An individual or group that purchases goods or services for personal use, not for manufacture or resale.

Income

Money received, typically on a regular basis, for work or through investments.