​Which of the Following Represents the Resource Supply Curve for a Firm

question 50

Multiple Choice

​Which of the following represents the resource supply curve for a firm that hires resources in a perfectly competitive resource market?

• A)Average total cost curve
• B)Average variable cost curve
• C)Marginal revenue product curve
• D)Marginal resource cost curve
• E)Average fixed cost curve

---

Definitions:

Davis and Moore

Sociologists who proposed a functionalist theory suggesting that social stratification has beneficial consequences for the operation of society.

Feudalism

A social system in medieval Europe where the nobility held lands from the Crown in exchange for military service, and vassals were in turn tenants of the nobles, while the peasants were obligated to live on their lord's land and give him homage, labor, and a share of the produce.

American Opinion

Refers to the collective attitudes or beliefs held by the American public on various topics and issues.

Poverty

A socio-economic condition characterized by a lack of financial resources and access to basic needs such as food, shelter, and healthcare.