A firm's labor input, total output of labaGiven: MRP = marginal revenue product; MRC = marginal resource cost; W = wage rate. A firm that sells its product in a purely competitive market, but is a monopsonist in its labor market, would hire the quantity of labor where Multiple Choice MRP = MRC = W. MRP > MRC = W. MRP > MRC >W. MRP = MRC >W.or, and product price schedules are given in the table. Labor is the only variable input. What is the marginal revenue product of the fifth worker? Multiple Choice $2 $7 $21 $40