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When Each Factor Is Paid an Amount Equal to the Value

question 94

Multiple Choice

When each factor is paid an amount equal to the value of the marginal product of the last unit of that factor employed in the factor market as a whole, this is referred to as:


Definitions:

Feeling Numb

A state of reduced or absent sensations, often referring to a psychological response where a person is detached from emotional or physical feeling.

Homeostasis

The ability of an organism or environment to maintain stability and balance despite changes or outside challenges.

General Adaptation Syndrome

A model describing the body's short-term and long-term reactions to stress, consisting of three stages: alarm, resistance, and exhaustion.

Resistance

The refusal to accept or comply with something; the act of trying to prevent something by action or argument.

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