APFIVE Labor Productivity and Marginal Revenue Product
Which statement accurately describes the relationship between labor productivity and the marginal revenue product of labor (MRP) in a competitive market?
A
Changes in labor productivity only affect total revenue, not the MRP.
B
An increase in labor productivity raises the MRP, assuming constant output prices.
C
A decrease in labor productivity raises the MRP due to reduced labor costs.
D
Labor productivity changes do not affect the MRP.
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