The Demand for a Factor of Production Depends Largely on the

question 142

Multiple Choice

The demand for a factor of production depends largely on the

• A) supply of the factor.
• B) supply of other factors of production.
• C) demand for other factors of production.
• D) demand for the products that it helps to produce.

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Definitions:

Subjective

Based on or influenced by personal feelings, tastes, or opinions, rather than external facts.

Allocate

The process of distributing resources or tasks among projects or departments based on necessity or a strategic plan.

Common Supplies

Tangible items used in daily operations that are considered current assets, such as office supplies.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company.