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In a perfectly competitive resource market, the marginal resource cost of a resource equals the...

Question:

In a perfectly competitive resource market, the marginal resource cost of a resource equals the price of the resource.

a. True

b. False

Resource Market:

A resource market is a market in which factors of production are sold by households to the producers. Resources are used in the production of goods and services, and the demand for these resources is derived from final goods and services in the output market. As the price of a resource increases, the demand for that resource declines and vice versa; examples of resources include labor, capital, entrepreneurship and natural resources.

Answer and Explanation: 1

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The following statement is a. True: In a perfectly competitive resource market, the marginal resource cost of a resource equals the price of the...

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Resource Market: Definition & Overview

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Chapter 3 / Lesson 70
30K

Explore resource markets. Learn the resource market definition and understand a resource market vs a product market. See various resource market examples.


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