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REGULATION, CAPTURE THEORY: Control of a regulatory agency by those entities, usually the businesses of a particular industry, that the agency is designed to regulate. Those industries subject to economic regulation that is intended to protect the public interest (consumers) invariably find it beneficial to exert influence over the regulatory agency. One common way of doing this is to have former or future employees in the industry "temporarily" work for the regulatory agency.
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Lesson 21: Factor Demand | Unit 3: The Curve
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Page: 16 of 24
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In this unit, you should have learned about:- The marginal revenue product schedule, which presents the relation between marginal revenue product, marginal physical product, and the quantity of input.
- How the marginal revenue product is derived from the marginal revenue product schedule.
- That the marginal revenue product curve is negatively-sloped due to the law of diminishing marginal returns.
- The hiring decision by a firm is based on a comparison between marginal revenue product and the wage.
- How the factor demand curve can be derived from the marginal revenue product curve.
- That the factor demand curve is negatively-sloped due to the law of diminishing marginal returns.
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GEOGRAPHIC MOBILITY The mobility, or movement, of factors of production from a productive activity in one location to a productive activity in another location. In particular, geographic mobility is the ease with which resources can change locations. This is one of two types of mobility. The other is occupational mobility.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for attractive cable television service repair people.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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GEB
Games and Economic Behavior
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