Which of the Following Is LEAST Likely to Be a Factor

question 136

Multiple Choice

Which of the following is LEAST likely to be a factor on which the price of a product is based?

• A)what the market will bear
• B)the amount of support provided by resellers
• C)economic well-being of the consumer
• D)the consumer's ability to gauge the value
• E)the relative value of the product

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Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource or factor of production.

Wage Rate

The amount of compensation workers receive in exchange for their labor, typically expressed per hour, day, or piece rate.

Economic Rent

The excess payment made to a factor of production over and above what is needed to bring that factor into productive use.

Electricians

Skilled tradespeople who specialize in the installation, maintenance, and repair of electrical systems and equipment.