When the Supply of Labor to a Firm Is Perfectly

question 45

Multiple Choice

When the supply of labor to a firm is perfectly elastic the marginal factor cost will equal the

• A) market price of the product.
• B) wage rate.
• C) marginal physical product.
• D) wage rate times the number of workers.

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Definitions:

Corporate Directors

Members of a company's board of directors, elected by shareholders, responsible for overseeing the management and making key decisions affecting the company's direction.

Capital Budgeting

A process that companies use to evaluate and select long-term investments based on their potential to generate profit.

Corporate Organizational Structure

Corporate Organizational Structure defines how activities such as task allocation, coordination, and supervision are directed towards the achievement of organizational aims.

Vice President

An officer in a government or business organization ranking below a president or chief executive officer.