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Microeconomics and Behaviour
Microeconomics and Behaviour
Robert H. Frank, Cornell University
Ian C. Parker, University of Toronto
Labour

Below are the key terms featured in this chapter. Clicking on a term will reveal its definition. The textbook's full glossary is also available for online searching.
 
Average factor cost (AFC)  Another name for the supply curve for an input.
Marginal factor cost (MFC)  The amount by which total factor cost changes with the employment of an additional unit of input.
Marginal revenue product (MRP)  The amount by which total revenue increases with the employment of an additional unit of input.
Total factor cost (TFC)  The product of the employment level of an input and its average factor cost.
Value of marginal product (VMP)  The value, at current market prices, of the extra output produced by an additional unit of input.




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