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Which of the following conditions denote the equilibrium of a firm under monopsony in factor market and perfect competition in the product market?1. Marginal factor cost is equal to average factor cost.2. Marginal factor cost is greater than average factor cost.3. Marginal factor cost is equal to marginal revenue product.4. Marginal factor cost is less than marginal revenue productSelect the correct answer using the codes given below

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Microeconomics is a branch of economics that analyzes market behavior of individuals and firms in order to understand their decision-making processes.


Which of the following conditions denote the equilibrium of a firm under monopsony in factor market and perfect competition in the product market?<br><br>1. Marginal factor cost is equal to average factor cost.<br>2. Marginal factor cost is greater than average factor cost.<br>3. Marginal factor cost is equal to marginal revenue product.<br>4. Marginal factor cost is less than marginal revenue product<br>Select the correct answer using the codes given below






 
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