Exam 3: Factor and Product Markets, Equilibrium, and Production Factors

The supply of a good refers to:

Union leaders are in a better position to bargain for higher wages if demand for labour is

The relation that the law of demand for factor defines is.

In a perfectly competitive market a firm in the long run will be in equilibrium when:

The producer's demand for a factor of production is governed by the ___ of that factor.

Factor prices are determined in the factor market under the forces of

Demand for factor of production is

Monopsony means

The cost of one thing in terms of the alternative given up is called:

A firm maximizes profit if:

Which of the following is not a factor of production?

Equilibrium in the factor market achieved at the factor price and factor quantity is given by

Sometimes the supply curve of labour ends:

The opportunity cost of a machine which can produce only one product is:

Which of the following is a characteristic of capital as a factor of production?

On which law of consumption the concept of consumer's surplus is based?

Equilibrium conditions for factor market is

Monopoly means

The labour market equilibrium determines the wage rate and

Under conditions of perfect competition in the product market: