Asked by
Claire Carlson
on Oct 12, 2024
Verified
Demand for a factor can shift for all of the following reasons except?
A) Change in demand for the final product
B) Change in the factor's price
C) Change in the price of other factors
D) Change in technology
Factor's Price
The price paid for the use of a factor of production, such as labor, land, or capital.
Final Product
A good or service that has completed the production process and is available for sale to the end consumer.
Technology
The application of scientific knowledge for practical purposes, especially in industry.
- Investigate the repercussions of changes in productivity, market dynamics, and technological innovation on the marginal revenue product and salary rates.
- Elucidate the impact of variations in the cost of resources and products on the demand for complementary and substitute resources.
- Detail the consequences of technological innovation on the marginal output of labor and the associated shifts in employment figures.
Verified Answer
GN
Learning Objectives
- Investigate the repercussions of changes in productivity, market dynamics, and technological innovation on the marginal revenue product and salary rates.
- Elucidate the impact of variations in the cost of resources and products on the demand for complementary and substitute resources.
- Detail the consequences of technological innovation on the marginal output of labor and the associated shifts in employment figures.
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