For a firm that is a price taker in the market for labor, the marginal revenue product of labor equals the
A) marginal product of labor multiplied by the product price.
B) marginal product of labor multiplied by the marginal cost of production.
C) marginal product of labor divided by the wage rate.
D) marginal product of labor multiplied by the wage rate.
A
Economics
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In a natural monopoly, the long-run average cost curve declines and therefore average cost is lower when there is only one seller
a. True b. False Indicate whether the statement is true or false
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