Match each of the terms on the left with its definition on the right. Click on the term first and then click on the matching definition. As you match them correctly they will move to the bottom of the activity.
choke wage derived demand intermediate good unimproved land monopsony power marginal expenditure (ME) bilateral monopoly factor markets marginal revenue product of labor (MRPL) | The incremental amount spent to buy one more unit of a product. The wage at which a firm will not hire any labor. The market structure that exists when there is major concentration of market power on both sides of a market. Product that is made specifically to be used as a factor input into the production of another good. The marginal product of labor times the marginal revenue. The physical space on which economic activity (such as agriculture, housing, manufacturing, etc.) takes place. Markets for inputs— When a buyer’s choice of how much of a product to buy affects the market price of that product. A demand for one product that results from the demand for another product. |