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FACTOR DEMAND AND MARGINAL REVENUE PRODUCT: For a firm that hires the services of a factor in a perfectly competitive factor market, the factor demand curve is that portion of the marginal revenue product curve that lies below the average revenue product curve. The relation between marginal revenue product and factor demand for a perfectly competitive firm is comparable to the relation between marginal cost and short-run supply. A perfectly competitive firm maximizes profit by hiring the quantity of a factor that equates factor price and marginal revenue product. As such, the firm moves along it's marginal revenue product curve in response to alternative factor prices.
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MARGINAL REVENUE CURVE, MONOPOLISTIC COMPETITION A curve that graphically represents the relation between the marginal revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because a monopolistically competitive firm is a price maker and faces a negatively-sloped demand curve, its marginal revenue curve is also negatively sloped and lies below its average revenue (and demand) curve. A monopolistically competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a wall poster commemorating the moon landing or storage boxes for your winter clothes. Be on the lookout for rusty deck screws.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"How we spend our days is, of course, how we spend our lives. " -- Annie Dillard, essayist
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IRS
Internal Revenue Service
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