Essentials of Economics Study Set 5
The Market Price of a Factor of Production That Is
The market price of a factor of production that is in fixed supply is determined only by demand.
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A monopsony is a term used to refer to a firm that is the sole seller of a good or service.
A monopsony restricts the quantity of a factor demanded to force down the price of the factor and increase profits.
Economic rent refers to the price of a factor of production which is fixed in supply.
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