Resource Markets
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Last updated 8:05 PM on 1/15/23
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6 Terms
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Derived Demand
the demand for a resource such as labor comes from the product the resource helps to produce
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Marginal revenue product
represents the demand for labor
3
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Marginal factor cost
represents the cost of labor
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Monopsony
a market where there is only a single buyer for labor
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shifts of demand curve for labor
* demand for the product
* changes in productivity
* changes in prices of other resources
* changes in productivity
* changes in prices of other resources
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Least cost rule
to minimize costs, a firm must adjust the ratio of inputs labor to be equivalent to its capital
Note 
Flashcards (33)