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Which of the following is(are)true a. The demand for factor(say labor,capital)is a derived demand.That is,the demand for a factor depends upon the demand for the
Which of the following is(are)true
a. The demand for factor(say labor,capital)is a derived demand.That is,the demand for a factor depends upon the demand for the product that the factor produces
b. According to marginal productivity theory,the price paid to a factor input(marginal factor cost to the firm) depends upon the factor's contribution(Marginal revenue product) to the revenue of the firm
c. Both are True
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