Under perfect competition, demand for a factor is its:

Related MCQs

• Under conditions of perfect competition in the product market:
• The producer’s demand for a factor of production is governed by the ___ of that factor.
• Equilibrium in the factor market achieved at the factor price and factor quantity is given by
• Factor prices are determined in the factor market under the forces of
• Demand for factor of production is
• The relation that the law of demand for factor defines is.
• If MRP = Price of the factor: firm should _______ at the unit of factor
• Under __________________, price is determined by the interaction of total demand and total supply in the market.
• Every factor of production gets reward equal to its:
• Factor prices are determined in the market under forces of