Which of the following explains why a labor market monopsonist does not allocate labor efficiently? Multiple choice question. The value of the marginal product (VMP) of labor is greater than the marginal revenue product (MRP) of labor. The marginal wage cost (MWC) of labor is greater than the wage rate for the firm. The marginal revenue product (MRP) of labor is greater than the value of the marginal product (VMP) of labor. The wage rate is greater than the marginal wage cost (MWC) of labor for the firm