If a firm has to choose between two equally technically efficient method of production, then it’s choice of a method will depend on *
2 points
A. Price of the factors
B. Availability of the factors
C. Loss of the factors
D. Monetary resources available with the firm
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Answer:
option A price of the factor
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If a firm has to choose between two equally technically efficient methods of production, then its choice of method will depend upon the price of the factors.
- After efficiently the price of the factors for the production of goods and services play an important role in the overall costing of the product.
- When the price of the factors are minimised the profit margin for the product or service will rise for the firm.
- This means higher profit and low cost.
The answer is (A) the Price of the factors.
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