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Unformatted text preview: Barriers to entering a market Differences between perfectly competitive markets and monopolies Economies of scale Natural monopoly Chapter 8 Demand for labor Supply of labor Why is supply curve for labor upward sloping? Why is demand curve for labor downward sloping? Derived demand Marginal Physical Product (MPP) Marginal Revenue Product (MRP) The law of diminishing returns How does a firm determine how much labor to hire? How does an increase in productivity affect the demand and supply of labor? How does an increase in product prices affect the demand and supply of labor? How do minimum wages and unions affect the demand and supply of labor?...
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