An individual firm’s demand for a factor of production ?

Production Factors 29/03/2021

A. Slopes downward because an increase in the production of output reduces the price at which the output can be sold in a competitive market, thereby reducing the value of the marginal producing the value of the marginal product as more of the factor is use
B. Slopes downward due to the factor’s diminishing marginal product
C. slopes upward due to the factor’s increasing marginal product
D. is perfectly elastic (horizontal) if the factor market is perfectly competitive

Related Mcqs:

    The most important factors of production are ?
    A. labor, land, and capital B. water, earth and knowledge C. money, stocks and bonds. D. management finance and marketing...
    The value of the marginal product of labor is ?
    A. the price of the output times wage of labor B. the price of the output times the marginal product of labor C. none of these answers D. the wage of labor times the quantity of labor E. the wage of labor times the marginal product of labor...
    An increase in the demand for apples will cause all but which of the following ?
    A. a decrease in the number of apple pickers employed B. an increase in the value of the marginal product of apple pickers C. an increase in the price of apples D. an increase in the wage of apple pickers...
    Which of the following is not true with regard to workers who have a high value of marginal product? These workers ?
    A. have skills that are in relatively scarce supply B. produce output for which there is great demand C. usually have little capital with which to work D. are usually highly paid...
    An increase in the price of automobiles shifts the demand for autoworkers to the ?
    A. left and decreases the wage B. right and decreases the wage C. right and increases the wage D. left and increases the wage...

Leave a Reply

Your email address will not be published. Required fields are marked *