AP Microeconomics : Factor Markets Quiz

*Theme/Title: Factor Markets
* Description/Instructions
Factor markets are where business firms purchase land, labor, and capital. Some questions that firms ask when buying the factors of production are: How many inputs should I buy? What is the least-cost combination of resources? And what quantity of resources maximizes profit? A firm always maximizes profits by producing at the point where marginal factor cost equals marginal revenue product. Marginal revenue product sometimes is called Value of Marginal Product and marginal resource cost is often called Marginal Factor Cost.

Group: AP Microeconomics AP Microeconomics Quizzes
Topic: AP Microeconomics

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