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Demand for Labor in Perfect Competition
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Demand for Labor in Perfect Competition
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15. Markets for the Factors of Production / Demand for Labor in Perfect Competition / Problem 2
Problem 2
What is the importance of the marginal revenue product (MRP) in a firm's hiring decisions?
A
It helps determine the optimal number of workers to hire based on revenue generation.
B
It helps determine the average productivity of workers.
C
It helps determine the total cost of hiring workers.
D
It helps determine the minimum wage a firm should pay.
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