If a firm has monopoly power in the market for its output,the marginal revenue product of labor

Question

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In a market with monopoly power, the firm faces a downward-sloping demand curve for its output. Therefore, the marginal revenue (MR) of each successive unit of output is less than the previous one. As the firm hires more labor, the output increases, but the marginal revenue product of labor (MRP) declines because of diminishing marginal returns. The MRP is the additional revenue that the firm earns by hiring an additional unit of labor. Thus, the MRP of labor is less for each unit of labor than for a competitive firm, where the MRP equals the market wage rate.

If a Firm Has Monopoly Power in the Market for Its