The wage paid to labor is
A) a factor output.
B) a factor price.
C) a factor input.
D) an input of the workforce.
E) part of the firm's normal profit.

Name: The wage paid to labor is A) a factor output. B) a factor price. C) a factor input. D) an input of the workforce. E) part of the firm's normal profit.
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Question

Quizplus · Accepted Answer

The wage paid to labor is a factor price, which is the price paid by firms for the use of a factor of production, in this case, labor.

The Wage Paid to Labor Is