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AP Microeconomics
Unit 5 – Factor Markets
Topic 5.1
Unit 5 – Factor Markets
5.1 Introduction to Factor Markets
mixed difficulty
When does a firm maximize its profit in the factor market?
When total revenue exceeds total cost
When marginal revenue product (MRP) equals marginal resource cost (MRC)
When marginal revenue product (MRP) is greater than marginal resource cost (MRC)
When marginal revenue product (MRP) is less than marginal resource cost (MRC)
Study guides (1)
AP Microeconomics - 5.1 Introduction to Factor Markets
Key terms
Factor Market
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