GENERAL SCHEDULE SUPERVISORY GUIDE - FWS

Unit 5: The Factor Market. 5.1 Factor Market. Main Topics: Competitive Markets, Marginal Revenue Product, Profit Maximizing Employment, Derived Demand, Determinants of Resource Demand. The theory of factor (or resource, or input) demand is applicable to any factor of pro- duction, but it is more intuitive if we focus on labor, the production input with which we are all most comfortable. ................
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