Asked by Marina Carosella on May 09, 2024
Verified
The MRP curve for labor generally expresses
A) a particular firm's demand for labor.
B) the entire industry's demand for labor.
C) the entire economy's demand for labor.
D) None of the choices are correct.
MRP Curve
The Marginal Revenue Product curve reflects the added revenue generated by one additional unit of input in the production process.
Labor
The exertion of mental and physical capabilities by individuals in creating goods and services.
Firm's Demand
The total quantity of a product or service that a business anticipates consumers will purchase at various price levels.
- Determine the interplay between marginal revenue product and a firm’s procurement of labor and resources.
Verified Answer
EG
Emily GomesMay 16, 2024
Final Answer :
A
Explanation :
The MRP (Marginal Revenue Product) curve for labor expresses a particular firm's demand for labor, showing the additional revenue each worker adds to the firm's total revenue output.
Learning Objectives
- Determine the interplay between marginal revenue product and a firm’s procurement of labor and resources.