Changes in Factor Demand and Supply
AP Microeconomics · Flashcards · Recall
AP MICROECONOMICS · FLASHCARDS
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QUESTION
What happens to factor supply when working conditions improve?
QUESTION
What is the effect of an increase in factor productivity on factor demand?
QUESTION
What effect does a technological advancement have on factor demand?
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ANSWER
It increases the demand for that factor. Technology improves productivity, raising MRP.
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