question
Resource pricing is important because:
answer
Resource prices are a major determinant of money incomes, allocation of scarce resources among alternant users, and are important to firms in minimizing costs.
question
Give an example of derived demand
answer
decline in demand for shoes will cause the demand for leather to decline
question
What do economists mean when they say that the demand for labor is a derived demand?
answer
relation to the demand for the product or service labor is producing
question
The demand for a resource depends primarily on:
answer
the demand for the product or service that it helps produce.
question
MRP measures the what?
answer
amount by which the extra production of one more worker increases a firm's total revenue.
question
Marginal Revenue product schedule is
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the firm's resource demand schedule
question
A profit-maximizing firm employs resources to the point where:
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MRP=MRC
question
Other things equal, the resource demand curve of an imperfectly competitive seller will:
answer
be less elastic than that of a purely competitive seller.
question
The MRP curve is the resource demand curve for:
answer
both the purely competitive and imperfectly competitive seller.
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