Factor markets
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Last updated 2:06 AM on 4/29/25
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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.
Note 
Flashcards (33)