# Econ Final

### 15 terms by CAbraham13

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### the purely competitive employer of resource A will maximize the profits from A by equating the:

Price of A with the MRP of A

### Marginal Product is:

the amount an additional worker adds to a firm
's total output

\$36

### the change in a firm's total revenue that results form hiring an additional worker is measured by:

marginal revenue product

MRP>=MRC

### for a firm selling its product in a purely competitive market, the marginal revenue product of labor can be found by:

multiplying marginal product by product price

### Which of the following will not cause a shift in the demand for a resource X?

a decline in the price of resource X

### marginal resource cost is:

the increase in total resource cost associated with the hire of one more unit of the resource

8

\$24

3

### which of the following will not shift the demand curve for labor?

change in the wage rate

### employers will hire more units of a resource if:

the productivity of the resource increases

### IF two resources are highly substitutable for one another:

an increase in the price for one will increase the demand for the other

### the demand curve for labor would shift leftward as the result of:

decrease in the productivity for labor

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