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QUESTION 1 4 The firm hires the factor up to the point where the value of the factor's marginal product is equal to the factor's

QUESTION

14

"The firm hires the factor up to the point where the value of the factor's marginal product is equal to the factor's price." This statement applies to which factor of production?

.

Labor only

.

Land only

.

Capital only

.

Land, labor, and c

pital

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