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:

Market Price

The current price at which an asset or service can be bought or sold in the market.

Signed Memo

A written document that has been signed by the author or parties involved, often serving as a record or agreement.

Revocation

The act of withdrawing, cancelling, or reversing a decision, offer, or statement.

Manufacturer

A manufacturer is a person or company that makes goods for sale, often involving the use of raw materials, machinery, and labor to produce finished products.