Asked by
Benson Giang
on Nov 05, 2024
Verified
The demand for any factor of production in a competitive industry depends on
A) its productivity and upon the value of its output in the marketplace.
B) its productivity and the productivity of all other inputs.
C) the productivity of all the other inputs and how these inputs are valued in the marketplace.
D) the amount of the factor that is used and the amounts of all the other factors that are used.
Productivity
An indicator of how effectively resources are used in production, typically expressed as the proportion of produced goods to the resources consumed.
Competitive Industry
A competitive industry is one where numerous firms compete against each other to sell similar goods or services, often leading to innovation and lower prices for consumers.
- Assess the impact of marginal revenue product on deciding the perfect amount of labor to employ.
- Become aware of the dynamics amid salary amounts, worker productivity, and availability of employment in a competitive workforce market.
Verified Answer
MJ
Learning Objectives
- Assess the impact of marginal revenue product on deciding the perfect amount of labor to employ.
- Become aware of the dynamics amid salary amounts, worker productivity, and availability of employment in a competitive workforce market.
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