Factor Markets & Labor | AP Micro MV 2025-2026
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Last updated 5:16 AM on 9/28/25
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5 Terms
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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.
Note 
Flashcards (33)