Post date: Apr 3, 2013 10:01:14 PM
Here is what you should study for the test.
What to know for test:
Use the key concepts page at the beginning of the resource market section in the work book.
1. What determines resource demand
Derived Demand
2. MRP (VMPL)
3. MP
4. MFC (marginal cost of labor)
5. Side by side graph for competitive labor markets
6. Monopsony labor market graph
7. Economic Rent, definition
8. Effects of minimum wage on labor markets
9. Profit maximizing rule for hiring/using factors of production