Factor markets

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6 Terms

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Term: Factor Markets

Definition: Markets where households supply factors of production (labor, land, capital).

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Term: Marginal Revenue Product (MRP)

Definition: Additional revenue from employing one more unit of a factor (MRP = MPL × MR).

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Term: Monopsony

Definition: A market with only one buyer of labor/resources, leading to lower wages/quantities.

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Shifts in Factor Supply

Supply Shifts: Changes in population, preferences, opportunities, wealth.

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Shifts in Factor Demand:

Demand Shifts: Changes in goods' prices, technology, supply of other factors.