
Understanding Factor Markets and Least Cost Rule
Interactive Video
•
Business
•
11th - 12th Grade
•
Hard
Jennifer Brown
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the equilibrium price labeled as in the resource market for machines?
P E
P Q
P R
P M
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a perfectly competitive resource market, how is the supply curve for machines described?
Vertical
Upward sloping
Downward sloping
Horizontal
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the marginal revenue product of machines when the demand for widgets decreases?
It becomes zero
It remains the same
It decreases
It increases
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why does the marginal revenue product of machines fall when the price of widgets decreases?
Because the marginal product increases
Because the marginal product decreases
Because the additional revenue from each machine decreases
Because the price of machines increases
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the least cost rule, what should be equalized to minimize production costs?
Total cost of resources
Marginal product per dollar spent
Total output produced
Price of labor and machines
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