Like this study set? Create a free account to save it.

Sign up for an account

Already have a Quizlet account? .

Create an account

Economics Today Chapter 29

Marginal Physical Product (MPP) of Labor

The change in output resulting from the addition of one more worker. The MPP of the worker equals the change in total output accounted for by hiring the worker, holding all other factors of production constant.

Marginal Revenue Product (MRP)

The marginal physical product (MPP) times marginal revenue (MR). the MRP gives the additional revenue obtained from a one-unit change in labor input.

Marginal Factor Cost (MFC)

The cost of using an additional unit of an input. For example, if a firm can hire all the workers it wants at the going wage rate, the marginal factor cost of labor is the wage rate.

Derived Demand

Input factor demand derived from demand for the final product being produced.


A firm's employment of labor outside the country in which the firm is located.

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions and try again


Reload the page to try again!


Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

Voice Recording