If a firm is perfectly competitive in its input markets, then, in short- run equilibrium:
A) MC = p.
B) MRP is the same for all inputs.
C) w = VMP, for all variable inputs.
D) w = MRP, for all variable inputs.
Correct Answer:
Verified
Q54: Figure 11A Q55: A perfectly competitive input market: Q56: For a monopsony buyer, the marginal expenditure Q57: Donna's schmoo firm uses one input, z, Q58: A perfectly competitive firm's downward sloping demand Q60: The marginal revenue product of labour in Q61: In the long run, a firm's demand Q62: Which of the following is not an Q63: Figure 11A Q64: Average revenue product of an input is:
A)assumes there are
A)equal
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