If a perfectly competitive firm chooses its level of output so that price equals marginal revenue,the value of the marginal product of labor will equal the wage rate.
Correct Answer:
Verified
Q200: In terms of labor supply,the income effect
Q201: If the demand for orange juice increases,the
Q202: According to the marginal productivity theory of
Q203: Assume that perfect competition exists in output
Q204: Although improved technology can either increase or
Q206: The marginal productivity theory of income distribution
Q207: The equilibrium value of the marginal product
Q208: Your boss is trying to decide whether
Q209: The marginal productivity theory of income distribution
Q210: Suppose that the factor market for computer
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents