Asked by
Campbell Collins
on Nov 05, 2024
Verified
A firm will reduce its quantity of labor as long as the MRP of labor ________ the market wage rate.
A) is greater than or equal to
B) is less than
C) is equal to
D) determines
Wage Rate
The amount of money a worker is paid per unit of time, such as an hour or a month.
Marginal Revenue Product
The extra income produced by using an additional unit of a production input.
- Learn how entities ascertain employment determinations considering the marginal revenue product of labor.
Verified Answer
JL
Learning Objectives
- Learn how entities ascertain employment determinations considering the marginal revenue product of labor.