For a Firm Selling Its Product in a Perfectly Competitive

question 5

Multiple Choice

For a firm selling its product in a perfectly competitive market,the demand curve for a factor of production is downward sloping because

• A) of the diminishing marginal product of the factor.
• B) to sell more output, the firm must lower the price of its product.
• C) firms must hire more factors of production if they want to increase their output.
• D) a factor's marginal product increases when the price of the factor increases.
• E) None of the above answers is correct.

---

Definitions:

Benefits Important To The Prospect

Features or aspects of a product or service that are particularly valued or needed by a potential client or customer.

Unique Product Features

Specific characteristics of a product that set it apart from competitors' offerings in the market.

Benefits

Advantages or positive outcomes that result from a product, service, or action.

Needs Assessment

A process to identify and evaluate needs within a group or organization to determine necessary actions or solutions.