The marginal revenue product sets a lower limit on the wage rate an employer will pay.

Name: The marginal revenue product sets a lower limit on the wage rate an employer will pay.
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The marginal revenue product sets an upper limit on the wage rate an employer is willing to pay, as it represents the additional revenue generated by hiring one more unit of labor. Employers will not pay more than this amount for labor.

The Marginal Revenue Product Sets a Lower Limit on the Wage