Question

What is the mrp of labour in a prouct market which is perfect competition?

Answer 1

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✔Ans = In addition to making output and pricing decisions, firms must also determine how much of each input to demand. Firms may choose to demand many different kinds of inputs. The two most common are labor and capital.In a perfectly competitive labor market, the individual firm is a wage‐taker;

it takes the market wage rate as given, just as the firm in a perfectly competitive product market takes theprice for its output as given.

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