Title: Profit-maximizing behavior in perfectly competitive factor markets The value of a firm’s marginal product of labor (VMPL)(VMPL)left parenthesis, V, M, P, L, right parenthesis equals the marginal revenue product of labor (MRP_L)(MRPL​)left parenthesis, M, R, P, start subscript, L, end subscript, right parenthesis. What kind of market does this firm sell its product in? Choose 1 answer:     A. a monopoly market B an oligopoly market C. a monopsony market D a perfectly competitive market E a monopolistically competitive market

ENGR.ECONOMIC ANALYSIS
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Title: Profit-maximizing behavior in perfectly competitive factor markets

The value of a firm’s marginal product of labor (VMPL)(VMPL)left parenthesis, V, M, P, L, right parenthesis equals the marginal revenue product of labor (MRP_L)(MRPL​)left parenthesis, M, R, P, start subscript, L, end subscript, right parenthesis.

What kind of market does this firm sell its product in?

Choose 1 answer:

 

 

A. a monopoly market

  • B an oligopoly market

  • C. a monopsony market

  • D a perfectly competitive market

  • E a monopolistically competitive market 

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