Asked by
Michelle Gifford
on Oct 12, 2024
Verified
If the MRP of labor were $100 and the wage rate were $200,
A) exactly the right amount of labor is being used.
B) not enough labor is being used.
C) only half as much labor is being used as should be used.
D) too much labor is being used.
MRP
Marginal Revenue Product - the additional revenue generated from employing one more unit of a resource, such as labor or capital.
Wage Rate
The standard amount of compensation that workers receive in exchange for their labor, typically expressed per hour or unit of work performed.
- Attain knowledge on the subject of Marginal Revenue Product (MRP) and its criticality in resource acquisition decisions.
Verified Answer
SL
Learning Objectives
- Attain knowledge on the subject of Marginal Revenue Product (MRP) and its criticality in resource acquisition decisions.