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MARGINAL FACTOR COST AND AVERAGE FACTOR COST: The relation between marginal factor cost and average factor cost is comparable to other average-marginal relations found in the study of economics. For a firm that hires factors in a perfectly competitive factor market, marginal factor cost and average factor cost are equal, and equal to the factor market price. All three are represented by a horizontal, or perfectly elastic, curve equal to the factor market price. For a firm that hires factors in an imperfectly competitive factor market, especially monopsony, marginal factor cost is greater than both average factor cost and the factor market price.

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FACTOR MARKET ANALYSIS

An analysis of the structure and equilibrium determination of markets that exchange the services of productive resources. This analysis highlights principles and concepts that tend to be most commonly associated with factor markets (also termed resource markets), including monopsony and bilateral monopoly. Marginal revenue product is a key concept on the demand side of the factor market. Marginal factor cost is a key concept on the supply side of the factor market.

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