"The Firm Hires the Factor Up to the Point Where

question 196

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
• B)land
• C)capital
• D)All of the above are correct.

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Definitions:

Legal Liability

A legal responsibility for one's actions or omissions that may result in a civil lawsuit or criminal charges.

Sexually Assaulted

To be subjected to unwanted or forcible sexual contact or activity.

Nonjudgmental

An attitude or approach that refrains from making judgments about people or situations, especially those that may be critical or negative.

Empathetic

The capability to understand and share the feelings of another person, fostering a sense of compassion and support.