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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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Lesson 9: Consumer Demand | Unit 5: Taking Stock Page: 22 of 22

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In this unit, you should have learned about:
  • A preview of how the demand price is related to the marginal utility of a good.
  • A preview of how the law of diminishing marginal utility is related to the law of demand.
  • Why demand for a good is a constrained choice.
  • Why demand for a good is based on the utility derived from other goods.

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FACTOR DEMAND DETERMINANTS

The three most important determinants that shift the factor demand curve are: (1) product price, (2) factor productivity, and (3) prices of other factors. Comparable to any determinant, these three cause the factor demand curve to shift to a new location. An increase in factor demand is a rightward shift of the factor demand curve and a decrease in factor demand is a leftward shift.

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