Thank you for supporting ACDC Econ and for getting the Ultimate Review Packet. You rock! In this video I explain micro Unit 5- The Resource Market (aks. The Factor Market). I cover concepts like the demand and supply for resources (1:05), minimum wage (6:38), perfectly competitive firms, MRP and MRC (8:46), how to maximizing profit when hiring workers (13:10), monopsonies (16:29), and the least cost rule (20:51). Thank you for wiatching. Please subscribe!
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