The following table shows output per hour produced by the different units of labor. Table 28.1
The marginal revenue product of a resource is equal to the product of the marginal product of an input and marginal revenue.
The structure of the product market as described by Table 28.1 is:

Question

The following table shows output per hour produced by the different units of labor. Table 28.1
 The marginal revenue product of a resource is equal to the product of the marginal product of an input and marginal revenue.
The structure of the product market as described by Table 28.1 is:

Quizplus · Accepted Answer

The table shows different units of labor producing the same output per hour, which implies perfect substitutability of labor. Additionally, there is no information given about any individual firm having market power or influence over price, leading us to conclude that the market is perfectly competitive.

The Following Table Shows Output Per Hour Produced by the Different