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WorksheetsFactor Markets
Total questions: 15
Worksheet time: 8mins
What is the rule to profit maximize when hiring workers?
MR = MC
MRC = MRS
MRP = MRC
S = D
What 2 P things increase demand for workers?
Increase in productivity of workers
Increase in the Wages of Workers
Increase in Price of the Product Produced
Decrease in Demand for the product produced
What is the shape of the Supply curve for workers in a p.C. Firm?
horizontal
perfectly horizontal
Vertical
Downward sloping
What is MRC?
Marginal Revenue Cost
Marginal Resource Counting
Marginal Resource Cost
Mad, Risky, Customers
What are the 2 markets in the Circular Flow Diagram?
Factor Market
Product Market
Resource Market
All of these answers
The four factors of production are?
Food
Government
Capital, like factories & equipment
Land
Factor Markets designate
productivity
input
price
output
product markets designate
Price
Workers
Output
input
Factor Markets determine how
Many items to produce
many workers to hire
Wage to be paid
Price to charge for products
Land, Labor, Capital, and Entrepreneurs are compensated by
Products & Rebates
Profit & rent
interest & Stocks
Interest & wages
Examples of Economic Rent include
Peyton Manning
Mona Lisa
Manhattan Apartment
Lady GaGa
The two types of factor markets are
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition & Monopsony
A monopsony pays _____ & hires ____ than a P.C. Firm
much more & tons of workers
more & more
less & less
the same & fewer
An condition for a monopsony to be effective is:
they are the only place to work
the workers have the same skills
the workforce is immobile
it is unionized
The p.c. industry in a factor market has a
upward sloping demand curve
an upward sloping supply curve
a downward sloping demand curve
a perfectly elastic supply curve
