# data[].attributes.body
MRP:extra output value for worker
follows law of diminishing returns
Factors that shift:price of goods, supply of othet factors, and tech
MRP=MRC**
Derived demand: demand for factors is derived from its product
Factors of production: land labor entrepenuership capital
Rental rates: Marginal product of acre equals rebtal rate
Imperfect labor market: firms use marginal factor cost to determine cost of hiring
Monopsonist:single buyer, wage maker, low waged, low workers
MRPL=MFCL
Shifts: preference in social norms, population, wealth
Time allocation: how to spend your money, affects labor supply curve
Efficieny wages: pay more in hopes of increasing productivity, causing disparity and discrimination
Least cost minimizing rule:MPL/wage=MPK/rental rate
-Firms want most marginal product from each hired unit
Labor is compensated in wages