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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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VARIABLE COST

In general, cost that changes with changes in the quantity of output produced. More specifically, variable cost is combined with the adjectives "total" and "average" to indicate the overall level of variable cost or the per unit variable cost. Variable cost depends on the amount produced. If there is no production, then there is no variable cost.

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