If a Firm Is a Perfectly Competitive Purchaser of Factor

question 194

Multiple Choice

If a firm is a perfectly competitive purchaser of factor inputs and the wage rate is $5, the marginal factor cost for labor is

• A) greater than $5.
• B) less than $5.
• C) $5.
• D) indeterminate.

---

Definitions:

Bodily Events

Physical occurrences or phenomena within the body, often related to health, disease, or physiological processes.

Psychoanalysis

A therapeutic approach and theory of psychology developed by Sigmund Freud, focusing on unconscious processes and resolving internal conflicts.

Personality

The combination of characteristics or qualities that form an individual's distinctive character, influencing their behaviors, thoughts, and emotions.

Unconscious Motives

Unconscious motives are hidden psychological drives or desires that influence an individual's behavior without their conscious awareness.