AP Microeconomics Unit 5

studied byStudied by 2 people
0.0(0)
learn
LearnA personalized and smart learning plan
exam
Practice TestTake a test on your terms and definitions
spaced repetition
Spaced RepetitionScientifically backed study method
heart puzzle
Matching GameHow quick can you match all your cards?
flashcards
FlashcardsStudy terms and definitions

1 / 12

13 Terms

1

Factors of Production

land, labor, and physical capital

New cards
2

Interest

payment for physical capital

New cards
3

Production Function

relationship between labor quantity and output

New cards
4

Law of Diminishing Marginal Returns

increasing, decreasing, negative marginal product phases

New cards
5

Marginal Revenue Product (MRP)

MRP = Marginal Revenue Ă— Marginal Product

New cards
6

Firm's Demand for Labor

quantity of labor a firm hires at a wage rate

New cards
7

Market Demand for Labor

sum of each firm's marginal revenue product

New cards
8

Market Supply of Labor

quantity of labor households supply at a wage rate

New cards
9

Equilibrium Wage and Quantity

point where supply and demand curves intersect

New cards
10

Firms in Perfectly Competitive Factor Markets

many buyers, market sets wage

New cards
11

Marginal Resource Cost (MRC)

cost to hire one more worker

New cards
12

Monopsony

market with one buyer of a resource

New cards
13

Least Cost Combinations of Resources

finding optimal resource combination

New cards

Explore top notes

note Note
studied byStudied by 145 people
450 days ago
5.0(1)
note Note
studied byStudied by 18234 people
650 days ago
4.8(59)
note Note
studied byStudied by 3 people
782 days ago
5.0(1)
note Note
studied byStudied by 30 people
310 days ago
5.0(1)
note Note
studied byStudied by 1 person
11 days ago
5.0(1)
note Note
studied byStudied by 47 people
747 days ago
5.0(2)
note Note
studied byStudied by 19 people
849 days ago
5.0(1)
note Note
studied byStudied by 1 person
47 days ago
4.0(1)

Explore top flashcards

flashcards Flashcard (45)
studied byStudied by 22 people
539 days ago
4.5(2)
flashcards Flashcard (31)
studied byStudied by 11 people
300 days ago
5.0(1)
flashcards Flashcard (178)
studied byStudied by 38 people
3 days ago
5.0(1)
flashcards Flashcard (29)
studied byStudied by 4 people
809 days ago
5.0(1)
flashcards Flashcard (30)
studied byStudied by 2 people
108 days ago
5.0(1)
flashcards Flashcard (136)
studied byStudied by 6 people
289 days ago
5.0(1)
flashcards Flashcard (20)
studied byStudied by 19 people
467 days ago
5.0(1)
flashcards Flashcard (158)
studied byStudied by 18 people
258 days ago
5.0(1)
robot