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Chapter 18 - The Markets for teh Factors of Prodcution
1. How is the demand for factors determined?
2. What shifts this demand?
3. How are wages determined in a competitive labor market? How is this meaningful to the firm?
4. What influences the supply of labor?
- changes in taste
- changes in alternative opportunites
- immigration
5. What determines the equilibrium in the markets for land and capital?
2. What shifts this demand?
- Change in...
- price of product
- productivity
- price of substitute
- consumer preferences
- demand for product
3. How are wages determined in a competitive labor market? How is this meaningful to the firm?
4. What influences the supply of labor?
- changes in taste
- changes in alternative opportunites
- immigration
5. What determines the equilibrium in the markets for land and capital?
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, Dec 6 2007, 7:42 PM EST
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