Factor Market Quiz 12/15

Post date: Dec 14, 2011 1:26:27 PM

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