Consider the following demand and supply curves in factor markets. 
FIGURE 13- 4
-Refer to Figure 13- 4. The total amount paid to the workers is "economic rent" in diagram
Definitions:
Purely Competitive Seller
A seller in a market where there are many sellers and buyers, each selling a homogeneous product, and no one can influence the market price.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a resource, used to make employment decisions.
Purely Competitive
A market structure characterized by an infinite number of buyers and sellers, products that are identical, and no control over the market price by individual firms.
Marginal Product
Represents the additional output that can be produced by adding one more unit of a specific input, keeping other inputs constant.
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