Asked by
Dakota Wells
on Oct 12, 2024
Verified
A firm will continue hiring labor as long as the MRP of labor _______ the market wage rate.
A) is equal to
B) determines
C) is less than
D) is greater than
MRP
In economics, Marginal Revenue Product is the additional revenue generated by employing one more unit of a resource.
Market Wage Rate
The prevailing pay scale for work performed in a specific industry or occupation in a geographical area.
Hiring Labor
The process of employing people to perform work or services for wages or salary.
- Analyze the effects of wage rate changes on the employment of labor and resource demand.
Verified Answer
PS
Learning Objectives
- Analyze the effects of wage rate changes on the employment of labor and resource demand.