The price received by each factor of production for its services is determined by:
A) demand for output and supply of factors.
B) demand for factors and supply of output.
C) demand and supply of output.
D) demand and supply of factors.
Correct Answer:
Verified
Q2: In the circular flow diagram, firms receive
Q3: A competitive firm:
A) is small relative to
Q4: The neoclassical theory of distribution:
A) was developed
Q5: If bread is produced by using a
Q6: An economy's factors of production and its
Q8: The circular flow model shows that households
Q9: The production function feature called "constant returns
Q10: The marginal product of labor is:
A) output
Q11: In the long run, the level of
Q12: A production function is a technological relationship
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