If a Firm Hires a Resource in a Perfectly Competitive

question 103

Multiple Choice

If a firm hires a resource in a perfectly competitive resource market,

• A)it must also be a price taker in the product market
• B)it must also be a monopolist in the product market
• C)it faces a horizontal marginal resource cost curve
• D)it faces an upward-sloping marginal resource cost curve
• E)it faces a downward-sloping marginal resource cost curve

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Definitions:

Security Needs

Basic human requirements for safety and security, covering physical safety, employment, resources, health, and property, among others, following Maslow's hierarchy of needs.

Hygiene Factors

Elements of the work environment that are related to job satisfaction, which, when absent, can lead to dissatisfaction but, when present, do not necessarily motivate employees.

Expectancy Model

A psychological theory proposing that individuals are motivated to act based on the expected outcomes of their behavior and the value they place on those outcomes.

Motivation

The reason or reasons one has for acting or behaving in a particular way; the drive to achieve goals.