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Labor is a cost to a firm, right? In fact, it is one of the biggest costs to a firm. As such, like all costs
Labor is a cost to a firm, right? In fact, it is one of the biggest costs to a firm. As such, like all costs and especially an expensive one, the firm has impetus to pay out as little as it can to keep marginal resource costs down compared to marginal revenue product; more return on investment, as it were. How does MRP and MRC relate to MR and MC?
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