AP Micro Unit 4 Factor Markets

A firm will continue to hire workers until:

The _____ means we are employing two resources and MRP=MRC for both resources.

If this firm were perfectly competitive, how many workers would it hire?

If the supply of labor increased, what would happen to that labor market's wage rate?

Marginal Revenue Product is the same as _____ in the factor market

Worker productivity falls as more workers are added to a fixed resource because of the:

The cost of hiring an additional resource is called:

How many workers should this firm hire?

A firm can choose the best combination of 2 substitute factors of production by using the:

Why is the Demand Curve for a resource (MRP) downward sloping?

This graph shows a:

MRC is equal to _____ in a perfectly competitive resource market.

How does a mininum wage affect a labor market?

Which wage rate will this firm pay to its workers?

In the factor market, resources are supplied by: