Economics-Microeconomics

The demand for the services of labor ________ a derived demand and the demand for the services of land ________ a derived demand.

Coal is an example of

Jose owns a local coffee shop. When Jose calculates how his total revenue changes in response to hiring an extra worker, Jose is calculating the

The value of marginal product (VMP) of an input such as labor is the

The value of marginal product equals marginal product

The value of marginal product (VMP) of labor is the extra revenue generated by

The change in total revenue that results from employing one more unit of labor is called the

The demand for labor is a derived demand because it is derived from

The value of marginal product of labor is the change in

Water from the Mississippi river is an example of

The value of an additional baker to a bakery is equal to the

Profit is the factor price for

Consider the demand for labor in the computer chip industry. The demand for labor

Which of the following groups lists the four factors of production?

The demand for a productive resource, not for its own sake, but for use in the production of goods and services is called a

The demand for factor is driven by the demand for goods and services produced by that factor of production. This phenomenon is referred to as

The value of marginal product of labor

The value of marginal product of labor is the increase in

The increase in revenue created by hiring one more unit of labor is the

The marginal product of labor is the