The Figure Given Below Represents Equilibrium in the Labor Market

question 39

Multiple Choice

The figure given below represents equilibrium in the labor market with the demand and supply curves of labor.Figure 14.6
In the figure,
D = MRP implies demand for labor = Marginal Revenue Product
MFC represents Marginal Factor Cost curve
S represents the supply curve of labor

-The value of the marginal product of a resource is equal to:

• A)the marginal revenue of the firm, if the product market is perfectly competitive.
• B)the market price of the product divided by the price of the resource.
• C)the market price of the product divided by the marginal product of the resource.
• D)the marginal revenue product of the resource, if the product market is perfectly competitive.
• E)the marginal product of the resource divided by the price of the resource.

---

Definitions:

Encoders

Devices that convert motion or position into an electrical signal, often used for feedback in control systems.

Precisely Determined

Accurately established or calculated with precision, leaving no ambiguity about the result or outcome.

Servo Motors

Motors equipped with feedback systems to control the position, velocity, or torque of the motor with high precision.

Open Loop

A system that has no feedback or auto correction.