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