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Unformatted text preview: increase this decreases its demand for all factors Demand determined price: the price of a good that is in fixed supply; it is determined exclusively by what households and firms are willing to pay for the good Pure rent: the return to any factor of production that is in fixed supply Technological change: the introduction of new methods of production or new products intended to increase the productivity of existing inputs or to raise marginal products Chapter 10: input demand: the labor and land markets Monday, October 03, 2011 2:59 PM Econ 2106 Page 1...
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This note was uploaded on 01/09/2012 for the course ECON 2106 taught by Professor Minjaesong during the Fall '06 term at Georgia Tech.
- Fall '06