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AP Microeconomics Factor Market Flashcards | StudBud

Explore/AP Microeconomics Factor Market

An accurate description of Economic Rent is...

Unions...

AP Microeconomics Factor Market

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Questions 10

Answers

1
Unions...
Connect factor markets to product markets
Were first thought of by socialists
Only exist on Tuesdays
Are a tool used by employees to increase wages
2
An accurate description of Economic Rent is...
Jumbo Shrimp
A dog ate my homework
Employee surplus in their wage or salary
$2 donut brings $4 of utility
3
When Pure Economic Rent occurs, supply is
Desk lamp
Unit elastic
Perfectly inelastic
Relatively elastic
4
What is NOT a shifter of MRP
Change in product price
Change in price of a substitute good
Change in productivity
Change in demand
5
Define Factor Market
The market where input goods are created
In this market factors of production are bought and sold
Good job dude
The market where identical goods are bought and sold
6
What vegetable is this?
Apple
Tomato
It's a fruit
Tomato
7
What are the two types of markets for labor?
Monopsony and Monopolistic Competition
Perfect Competition and Monopsony
Peanut Butter and Jelly
Monopoly and Oligopoly
8
Demand for Input goods is derived from the demand for finished products
False
True
9
When will a firm cease to hire factors of production?
3pm on Sunday
When Supply equals Demand
When MRP = MRC
When Pigs Fly
10
What is the equation for Marginal Revenue Product?
P x Q
TBH + LOL
MRC - Q
P x MP