Factor Markets & Labor | AP Micro MV 2025-2026

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5 Terms

1
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Derived Demand

Demand for a resource stems from demand for the final product.

2
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Marginal Revenue Product (MRP)

Extra revenue from hiring one more input unit; MRP = MPL × MR.

3
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Marginal Resource Cost (MRC)

Extra cost from hiring one more input unit.

4
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Profit-Maximizing Resource Employment

Hire where MRP = MRC.

5
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Human Capital

Skills, education, and experience that improve productivity.