2238671
Descrição
FlashCards por samstevenson2014, atualizado more than 1 year ago
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Criado por samstevenson2014
mais de 9 anos atrás
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| Questão | Responda |
| 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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