The firm is in equilibrium in the factor market when it employs units of labour upto the point where
A) The marginal revenue product of labour is equal to its marginal cost
B) The marginal revenue product of labour is more than its marginal cost
C) The marginal revenue product of labour is less than its marginal cost
D) none
Correct Answer:
Verified
Q2: Equilibrium in the factor market achieved at
Q3: Monopsony means
A)A single seller
B)A single buyer
C)Large number
Q4: Monopoly means
A)A single seller
B)A single buyer
C)Large number
Q5: Factor prices are determined in the factor
Q6: The labour market equilibrium determines the wage
Q7: Equilibrium conditions for factor market is
A)Demand for
Q8: Demand for factor of production is
A)Supplementary demand
B)Intermediate
Q9: Factor market will be in equilibrium when
A)Demand
Q10: Which of the following is not a
Q11: The supply of a good refers to:
A)Stock
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