For a Given Firm, Marginal Factor Cost Is the Same

question 85

Multiple Choice

For a given firm, marginal factor cost is the same dollar amount no matter what quantity of a factor it purchases. This firm is a

• A)product price taker.
• B)product price searcher.
• C)factor price taker.
• D)factor price searcher.
• E)none of the above

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Definitions:

Chicken

A type of poultry that is widely consumed around the world for its meat and eggs, and is considered a staple in many diets.

Lobsters

Marine crustaceans with a hard protective exoskeleton and long antennae, often considered a delicacy.

Utility

In economics, it refers to the total satisfaction received from consuming a good or service.

Consumption

The act of using goods and services for personal needs or wants, including the process by which these goods and services are acquired.