RESOURCE MARKETS, Microeconomics

1. What is a resource market?

2. Describe resource demand and resource supply.

3. Define derived demand.

4. Describe the resource market demand and supply curve.

5. Define a temporary resource price differential.

6. Define a permanent resource price differential.

7. Define economic rent and opportunity cost.

8. Describe the firm’s decision-making process regarding marginal resource cost and marginal revenue product.

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