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MARGINAL FACTOR COST CURVE, MONOPSONY: A curve that graphically represents the relation between marginal factor cost incurred by a monopsony for hiring an input and the quantity of input employed. A profit-maximizing monopsony hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a monopsony with market control is positively sloped and lies above the average factor cost curve.
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Lesson 23: Factor Market Equilibrium | Unit 1: Intro
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Page: 6 of 24
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In this unit, you should have learned about:- Factor markets that exchange the services of the four factors of production -- labor, capital, land, and entrepreneurship.
- The two sides of the factor market -- factor demand and factor supply.
- The key role that marginal revenue product plays in factor demand.
- The key role that marginal facto cost plays in factor supply.
- How equilibrium applies to factor markets as a balance in the forces of factor demand and factor supply.
- The role of competition in factor markets and how relatively different competition among buyers and sellers affects the factor market.
- The role factor markets play in the overall economy as seen through the circular flow.
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INNOVATION PROFIT Economic profit, the difference between the total revenue received by a firm and the total opportunity cost of production, that is attributable to innovation, the initial application of new products, technologies, or ideas. Innovation profit is one of two sources of economic profit. The other is monopoly profit that arises due to market control. The generation of innovation profit is an important incentive that by rewarding individual innovative behavior enables society-wide benefits from the resulting innovations.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for a thesaurus filled with typos.
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This isn't me! What am I?
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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EEO
Equal Employment Opportunity
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