The payment given to the factor labour is known as:

Related MCQs

• Suppose a competitive firm produces 100 units of X for a price of Rs.10 a unit. The firm is employing labour and capital such that the marginal physical product of labour and capital is 20 and 5 and the prices paid to labour and capital are Rs. 60 and Rs. 40 respectively. How would you characterize the firm
• If factor prices and factor quantities move in the same direction, we have
• The price paid for any factor of production tends to be equal to:
• The demand for a factor of production is:
• Price is constant or "given" to the individual firm selling in a purely competitive market because:
• _______ is situation in which a single company or group owns all or nearly all of the market for a given type of product or service.
• A firm is able to sell any quantity of a good at a given price. The firm’s marginal revenue will be:
• Given the supply of a commodity in the market period, the price of the commodity is determined by
• The best, or optimum, level of output for a perfectly competitive firm is given by the point where
• The short-run supply curve of the perfectly competitive firm is given by