Unit 5
AP Microeconomics Unit 5: Factor Markets
The markets for labor and other inputs: derived demand, how a firm decides how many workers to hire, and monopsony.
Topics
Unit check
10 questions drawn from every lesson in Unit 5. Each wrong answer links back to where the idea is taught.
Labs for this unit
- Topic 5.2 The Labor Market Graph Label a labor market's wage and quantity of labor, move labor demand or labor supply when something changes, and mark the new wage and employment. The page checks your graph.
- Topic 5.3 The Competitive Hiring Graph Label one firm's marginal revenue product and the market wage it takes, move whichever one a change moves, and mark how many workers the firm hires. The page checks your graph.
- Topic 5.4 The Monopsony Graph Label a monopsony's labor supply and marginal factor cost, move what a change moves, and mark the wage it pays and the number of workers it hires. The page checks your graph.