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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Explain why the factor supply curve is horizontal for a factor price taker.

To determine

Reason for the horizontal factor supply curve for a factor price taker. 

Explanation

A factor price taker is a firm that can purchase the factors of production at the equilibrium price and faces perfectly elastic or horizontal factor supply curve. This is because the firm can purchase as much factors at the mark...

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