Carefully explain why a factor demand curve is downward sloping. Define marginal revenue. Carefully explain why margina

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Carefully explain why a factor demand curve is downward sloping. Define marginal revenue. Carefully explain why margina

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Carefully explain why a factor demand curve is downwardsloping. Define marginal revenue. Carefully explain why marginal revenueis less than price when demand curves slope downward. What is the price elasticity of demand? What does the priceelasticity of demand show? What is price inelastic demand? What isprice elastic demand? Carefully explain.
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