9. Demand for an input depends on that inputs marginal revenue product. Profit-maximizing perfectly competitive firms will

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9. Demand for an input depends on that input’s marginal revenue product. Profit-maximizing perfectly competitive firms will buy an input (for example, hire labor) up to the point where the input’s marginal revenue product equals its price. For a firm employing only one variable factor of production, the MRP curve is the firm’s demand curve for that factor in the short run.

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