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LIMIT PRICING: The strategic behavior process in which a firm with market control sets its price and output so that there is not enough demand left for another firm to enter the market and earn profits. The firm expands its output causing the price to fall, which discourages potential entrants to this market. This practice is most commonly undertaken by oligopoly firms seeking to expand their market shares and gain greater market control.

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Lesson 23: Factor Market Equilibrium | Unit 3: Perfect Competition Page: 14 of 24

Topic: Efficiency <=PAGE BACK | PAGE NEXT=>

  • The primary condition for profit-maximization AND efficiency derived from the analysis of labor employment is:

  • MRP = MFC = W
  • This conditions states that a profit-maximizing firm hires labor services up to the quantity that equates marginal revenue product (MRP) and marginal factor cost (MFC).

  • Efficiency results because the marginal revenue product (MRP) is equal to the wage (W).


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CIVILIAN LABOR FORCE

Everyone in the economy, 16 years of age or older, who is neither institutionalized nor in the military, and is either employed or unemployed but actively seeking employment. The civilian labor force is the "official" specification for the national economy's labor supply. It is used for such calculations as the unemployment rate and the labor force participation rate. In particular, the unemployment rate is technically specified as the "percent of the civilian labor force that is unemployed." The size of the civilian labor force (along with the wildly popular unemployment rate) is estimated monthly by the Bureau of Labor Statistics (BLS) from data generated by the Current Population Survey (CPS).

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for door-to-door salesmen.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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MR
Marginal Revenue
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