AP Microeconomics - Unit 5
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6 Terms
What makes a labor market different from other types of markets?
Firms are now the demand, while labor is the supply.
What does MPL represent?
The amount of product being produced from the next unit of labor. It’s the derivative of the total product from labor.
What does MRP represent?
The amount of revenue being generated from the next unit of labor. It’s the MPL times the price of the product. It also represents the demand of the firm in the labor market.
What are the axes for a graph that represents a labor market?
Domain: Quantity of labor Range: Wage Rate
How does a monopsony’s cost curves differ from perfect markets?
Their MFC has double the rate of the labor supply due to firms being wage setters.