"The Firm Hires the Factor Up to the Point Where

question 158

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:

Utricle

A part of the inner ear involved in sensing linear accelerations and head-tilts in the horizontal plane, contributing to balance and spatial orientation.

Semicircular Canals

Structures in the inner ear that are part of the vestibular system, helping to control balance and spatial orientation by detecting rotational movements.

Maculae

Specialized structures in the vestibular system of the inner ear, involved in sensing linear acceleration and gravity.

Static Equilibrium

The condition in which a physical system is at rest or its center of mass moves at a constant velocity, showing no net change in motion.