5.1 Intro to Factor Markets
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Please watch both videos and answer ALL questions. Thanks!
Please watch both videos and answer ALL questions. Thanks!
In which model did we first learn about factor markets? Think unit 1....(3 word answer)
What is a monopsony?
How many output/resource combinations are there?
Check the following for each
(Output, Resource) combination.
Possible | Not Possible | |
|---|---|---|
PC, PC | ||
PC, Monopsony | ||
PC, Monopoly | ||
Monopoly, Monopsony | ||
Monopsony, Monopoly | ||
Monopoly, PC |
Match the following.
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Graph on the right. | arrow_right_alt | Perfectly Competitive Market |
Graph on the left. | arrow_right_alt | Perfectly Competitive Firm |
In the market....
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Wage and Qs | arrow_right_alt | Inversely Related |
Wage and Qd | arrow_right_alt | Directly Related |
Wage taken from the market
Marginal Resource Cost
Marginal Revenue Product
Supply of Labor to the Firm =
Demand of Labor to the Firm =
Where will the firm hire? (State the rule!)