Factor Market Quiz 12/15

posted Dec 14, 2011, 5:26 AM by Peter Duffer
Quiz Thursday 12/15.  25 Questions.
You may use all of your completed APE's (44-49) for the unit quiz. 

There will be an abbreviated review tonight from 9:30-10:00 on the following link:
LIVE QUESTION TOOL CHOOSER LINK  Be sure to choose "BGFactor" discussion  

Additionally, a GREAT link is here to help review--CLICK HERE

An assortment of resources are available online as well--CLICK HERE 

Some additional direct study tips:
1.  Definiton of derived demand
2.  DMR, marginal productivity, and marginal revenue product
3.  How to calculate MRP (marginal revenue X marginal product)
4.  Profit maximizing hiring (MRP=MRC[wage])
5.  The demand (firms) and supply (households) of labor.
6.  Perfectly competitive product market vs. imperfect competitor
7.  The cost minimizing combination of labor, capital and/or land.
8.  Read the imperfect labor market graph (monopsony)
9.  Rent:  economic rent (rental rate)
10.  Minimum wage and effects