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Microeconomics - Factor Markets Flashcards | StudBud
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Microeconomics - Factor Markets
Microeconomics - Factor Markets
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5 plays
Microeconomics - Factor Market unit (plus some cumulative topics)
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
One firm that is the only employer of a factor of production is a...
Perfectly Competitive Firm
Monopsony
Monopoly
Oligopoly
2
Which of the following is NOT a factor of production?
Capital
Trust Firms
Entrepreneurship
Labor
3
How many factors of production can be seen in this photo
3
2
1
4
4
Where will this Monopsonist establish the wages to it's employees?
Not enough information
A
W e
W c
5
Higher Education is a form of
Price Determinant
Labor
Labor Detractor
Human Capital
6
When will a firm cease to hire factors of production?
when MC = MR
when pigs fly
when MRC = MRP
when MRC > MRP
7
The demand for a factor of production is a...
Marginal Demand
Derived Demand
Copied Demand
Backwards Bent Demand
8
For factor markets, MRPL stands for:
Marginal Revenue of Profit Labor
Market Revenue for the Producing of Land
Maximum Revenue for the Production of Labor
Marginal Revenue of the Production of Labor
9
What is the equation for Marginal Revenue Product?
P x Q
P / MP
P x MP
MRC - P
10
________ refers to the equipment and structures used to produce goods and services.
Firms
R2D2
Labor
Capital
