The demand curve for a factor of production will be O A. perfectly elastic if the factor is unique or it's difficult to substitute for other factors. B. perfectly elastic if its marginal product declines at constant rate. C. more elastic the more slowly its marginal product declines. D. less elastic if other factors can easily be substituted for the factor. O E. less elastic if its marginal product declines slowly as more of that factor is employed.

The demand curve for a factor of production will be O A. perfectly elastic if the factor is unique or it's difficult to substitute for other factors. B. perfectly elastic if its marginal product declines at constant rate. C. more elastic the more slowly its marginal product declines. D. less elastic if other factors can easily be substituted for the factor. O E. less elastic if its marginal product declines slowly as more of that factor is employed.

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter9: Price Takers And The Competitive Process

Section: Chapter Questions

Problem 8CQ

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