Factor Markets — Flashcards | AP Microeconomics | FatSkills

Factor Markets — Flashcards

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“Marginal revenue product (MRP)"
Measures the value of what the next unit of a resource (e.g., labor) brings to the firm. MRPL = MR × MPL. In a perfectly competitive product market, MRPL = P × MPL. In a monopoly product market, MR < P so MRPm < MRPc.
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