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COMPETITIVE MARKET: A market with a large number of buyers and a large number of sellers, such that no single buyer or seller is able to influence the price or any other aspect of the market -- no one has any market control. A competitive market achieves efficiency in the use of our scarce resources if there are no market failures present.

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Lesson 23: Factor Market Equilibrium | Unit 1: Intro Page: 6 of 24

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In this unit, you should have learned about:
  • Factor markets that exchange the services of the four factors of production -- labor, capital, land, and entrepreneurship.
  • The two sides of the factor market -- factor demand and factor supply.
  • The key role that marginal revenue product plays in factor demand.
  • The key role that marginal facto cost plays in factor supply.
  • How equilibrium applies to factor markets as a balance in the forces of factor demand and factor supply.
  • The role of competition in factor markets and how relatively different competition among buyers and sellers affects the factor market.
  • The role factor markets play in the overall economy as seen through the circular flow.


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AVERAGE FACTOR COST CURVE

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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