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5. Assume that output markets are perfectly competitive and the price of the output is fixed. Marginal revenue product of labour is negatively sloped,
5. Assume that output markets are perfectly competitive and the price of the output is fixed. Marginal revenue product of labour is negatively sloped, due to: a) diminishing marginal utility. b) diminishing marginal product. c) the slope of the demand curve. d) the slope of the marginal cost function.
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Answer b The marginal revenue product is the demand for labor MR...
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Fundamentals of Futures and Options Markets
Authors: John C. Hull
8th edition
978-1292155036, 1292155035, 132993341, 978-0132993340
