Changes in Factor Demand and Supply
AP Microeconomics · Flashcards · Application
AP MICROECONOMICS · FLASHCARDS
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QUESTION
Find the impact on factor demand when the price of output increases.
QUESTION
Find the impact on factor supply when wages increase due to a shortage.
QUESTION
Find the impact on factor demand when the price of output increases.
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ANSWER
Factor demand increases. Higher output prices increase MRP and factor demand.
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