Chapter 13 - Factor Markets

Marginal analysis

________ is a more direct method of determining the number of workers required to optimize a company's profit.

marginal productivity

The term* ________ theory refers to the* income distribution about payments to factors when goods markets and factor markets are perfectly competitive.

land tax

Although a(n) ________ makes sense in terms of efficiency, there is no agreement on the level of taxes that is fair to landowners.

marginal revenue

The term* ________* refers to the product curve of a factor that shows how the ________ product of that factor depends on the quantity of the factor employed.