Question

6. Describe the relation between the Value of Marginal product and Marginal Revenue product of a factor under imperfect competition.​

Answer 1

Answer:

The modified theory states that in equilibrium the marginal revenue product of a factor, say, labour, under imperfect competition and monopoly becomes equal to its marginal wage (not to average wage). In other words the MRP of a variable factor, say, labour, becomes equal to marginal wage (not to average wage).

Answer 2

The modified theory states that in equilibrium the marginal revenue product of a factor, say, labour, under imperfect competition and monopoly becomes equal to its marginal wage (not to average wage). In other words the MRP of a variable factor, say, labour, becomes equal to marginal wage (not to average wage).

Explanation:

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