Answer to Question #87741 in Microeconomics for Michael

Question #87741
Which of the following is true of profit maximising level of employment in a perfectly competitive labour market

(1) the marginal revenue product equals the value of marginal product
(2) the marginal revenue product equals the marginal cost of labour
(3) the marginal product equals the marginal revenue product
(4) the marginal product equals the marginal cost of labour
1
Expert's answer
2019-04-10T09:47:07-0400

At the profit maximizing level of employment in a perfectly competitive labor market, the marginal revenue product (MRP) equals the marginal cost of labor (MCL).


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