Suppose the labor market and all output markets are perfectly competit
Suppose the labor market and all output markets are perfectly competitive. When the labor market is in equilibrium, the wage rate will:
A) be less than the marginal revenue product of labor.
B) equal the marginal revenue product of labor.
C) be greater than the marginal revenue product of labor.
D) None of the above is necessarily correct.
ANSWER
B
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