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Creado por samstevenson2014
hace más de 9 años
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Pregunta | Respuesta |
Define "supply price" of a factor. | Minimum payment needed to bring it into use and keep it in that employment. |
Define "transfer earnings" of a factor. | Earnings it must receive to stay in that employment. |
What is economic rent? | The earnings in excess of supply price (Producer surplus) |
What 2 things are required to earn economic rent? | Some monopoly power or inelasticity of supply. |
What is Quasi-Rent? | Temporary economic rent |
What is a specific factor of production? Non-specific factor of production? | One with no alternative uses (cash register) Multiple uses (shop unit) |
Can non-specific FoP make transfer earnings? | Yes |
What type of demand is the demand for FoP? | Derived Demand |
Explain Marginal Physical Product (MPP) of a FoP | The extra output produced because of one unit of that factor |
Explain Marginal Revenue Product (MRP) of a FoP | The extra revenue a firm gains because of one unit of that factor |
What law does MPP depend on? | Law of Diminishing Marginal Returns. |
The demand curve of a factor is also... | The MRP curve. |
In order to supply any good or service, a firm needs... | Land, labour, capital and enterprise. |
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