If the market wage for electrical engineers in the United States is $50 per hour, then we know that the marginal product of electrical engineers is:

Question

Quizplus · Accepted Answer

The marginal product of labor is the additional output produced by hiring one more unit of labor. In this case, the marginal product of electrical engineers is the additional output produced by hiring one more electrical engineer. Since the market wage for electrical engineers is $50 per hour, the marginal product of electrical engineers must be at least $50 per hour, otherwise firms would not be willing to pay $50 per hour for their services.

If the Market Wage for Electrical Engineers in the United