A Determinant of the Demand for a Factor of Production

question 154

Multiple Choice

A determinant of the demand for a factor of production is the:

• A) price of the factor.
• B) productivity of the factor.
• C) quantity of the factor supplied.
• D) compensating differential.

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Definitions:

Goal Setting

The process of defining specific, measurable, achievable, relevant, and time-bound objectives that motivate and direct action.

Self-concept

An individual's perception of themselves, including their beliefs, feelings, and self-image.

Social Norms

Social norms are shared expectations and rules that guide behavior of people within social groups.

Drive-based Emotions

Emotions that are primarily motivated by biological drives, such as hunger, thirst, or the need for sleep.