The demand for any factor of production in a competitive industry depends on
A. its productivity and the productivity of all other inputs.
B. the amount of the factor that is used and the amounts of all the other factors that are used.
C. the productivity of all the other inputs and how these inputs are valued in the marketplace.
D. its productivity and upon the value of its output in the marketplace.
Answer: D
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The Great Depression was made more severe because
A) the government lowered tariffs against imported goods. B) the Federal Reserve increased the money supply after the stock market crashed. C) depositors made runs on banks, thereby destroying the banking system in large parts of the nation. D) depositors left their money in banks instead of increasing spending, which would have increased GDP.
Consider the labor market depicted in the above figure. What wage rate must be paid to have the 200th hour of labor supplied?
A) $10 B) $15 C) $20 D) None of the above answers is correct.