Question

What is the relation between VMP and MRP if there is perfect competition in goods
market?​

Answer 1

Answer:

When there is perfect competition in the product market MR is equal to price (P), Marginal Revenue Product (MRP) also can be found out by multiplying the Col. Ill by Col. IV. Thus under perfect competition value of marginal product (VMP) will be equal to marginal revenue product (MRP).

Answer 2

Explanation:

When there is perfect competition in the product market MR is equal to price (P), Marginal Revenue Product (MRP) also can be found out by multiplying the Col. Ill by Col. IV. Thus under perfect competition value of marginal product (VMP) will be equal to marginal revenue product (MRP).

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