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Lesson Contents
Unit 1: Intro
  • Factor Market
  • Two Sides
  • Equilibrium
  • Competition
  • Circular Flow
  • Unit 1 Summary
  • Unit 2: Market Control
  • Selling Side
  • Buying Side
  • Monopsony
  • Imperfect Competition
  • Unit 2 Summary
  • Unit 3: Perfect Competition
  • Many Buyers
  • Employment
  • Efficiency
  • Unit 3 Summary
  • Unit 4: Monopsony
  • One Buyer
  • Employment
  • Efficiency
  • Unit 4 Summary
  • Unit 5: Bilateral Monopoly
  • Monopoly
  • Two Sides
  • Four Marginal Curves
  • Employment
  • Unit 5 Summary
  • Course Home
    Factor Market Equilibrium

    My duties for this lesson are to examine how the two sides of the factor market -- factor demand and factor supply -- come together to form the factor market. Like other markets, we are concerned with equilibrium and competition. The analysis of factor markets has an added bonus. It lets us examine market control from the buying side to balance other analysis of market control from the selling side. The cornerstone phrase capturing this buying-side market control is monopsony.

    • The first unit of this lesson, The Foundation, begins by reviewing factor demand and factor supply and seeing how they come together to form the factor market.
    • In the second unit, Market Control, we see how market control on the selling side of a factor market gives rise to assorted market structures, like monopsony.
    • The third unit, Perfect Competition, then takes a look at equilibrium in factor markets that operate under the guidelines of perfect competition.
    • In the fourth unit, Monopsony, we extend the analysis to factor markets with control on the buying side, especially monopsony.
    • The fifth and final unit, Bilateral Monopoly, then analyzes factor markets with monopoly control on the selling side to counter monopsony control on the buying side.

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    MARGINAL REVENUE, MONOPOLISTIC COMPETITION

    The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopolistically competitive firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopolistically competitive firm equates marginal revenue and marginal cost.

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