microeconomics chapter 10

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Microeconomics

AP Microeconomics

Unit 3: Production, Cost, and the Perfect Competition Model

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4 Terms

1
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derived demand

relates factor and product markets together

2
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marginal revenue product

is an addition to a firms revenue when an additional unit is employed

3
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the least cost rule

to minimize the cost of production when using resources

4
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the marginal factor cost

additional cost of employing an additional input