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MARGINAL FACTOR COST, MONOPSONY: The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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FACTOR MARKET ANALYSIS An analysis of the structure and equilibrium determination of markets that exchange the services of productive resources. This analysis highlights principles and concepts that tend to be most commonly associated with factor markets (also termed resource markets), including monopsony and bilateral monopoly. Marginal revenue product is a key concept on the demand side of the factor market. Marginal factor cost is a key concept on the supply side of the factor market.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for broken fingernail clippers.
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More money is spent on gardening than on any other hobby.
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"Habit is a cable; we weave a thread of it each day, and at last we cannot break it. " -- Horace Mann, educator
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LS
Least Squares
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