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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

What is the distinguishing characteristic of a factor price taker?

To determine

Characteristics of a factor price taker.

Explanation

A factor price taker is a firm, which can purchase the factors of production at the equilibrium price, and perfectly faces elastic factor supply curve because, the factor price is determined by the market forces. Therefore, the firm can purchase as much as the factors at equilibrium price...

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