All of the Following Statements Regarding the Marginal Revenue Product

question 221

Multiple Choice

All of the following statements regarding the marginal revenue product (MRP) curve and the demand for labor are true EXCEPT

• A) an individual firm's demand for labor is its MRP curve.
• B) under conditions of perfect competition, MRP equals marginal physical product multiplied by the product's price.
• C) an increase in the market demand for a given product decreases the product's price.
• D) the demand for labor is a derived demand.

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