Business, 03.09.2020 03:01 fgcherubin

If a firm is a price taker in both the labor market and the output market, it will:.a. exceeds the marginal revenue product of labor. b. equals the marginal revenue product of labor. c. is less than the marginal revenue product of labor. d. equals the marginal physical product of labor.

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Answer from: tray9629

(C)

Explanation:

First, what does it mean for a firm to be a price-taker and then in 2 market places?

If a firm is a price-taker, this means that the firm accepts the price presented by the other group. The other group in this case is either laborers (labor market) or customers/other firms (output market).

A firm that is a price-taker does not set or use its own desired price and this is usually for business reasons.

The labor market is a resource market; since labor is one of the resource inputs or factors used in production.

A price-taker firm in the labor market is one that accepts the price at which labor(ers) chooses to work. This price could be lower or higher than what the firm is willing and able to pay.

The output market is the market for buying and selling of finished or semi-finished goods/products. It is the final market; where manufactured goods are made available to their various consumers.

A price-taker firm in the output market is one that accepts the price set by other firms in the industry or the price agreed upon by consumers. Again, this price could be higher or lower than the price at which the producer is willing to give the product away.

Now, what happens to the income statistics of firm that is a price-taker in both the labor market and the output market?

The firm will be running on less than the marginal revenue product of labour.

Answer from: Quest

The answer is c hope this

Answer from: Quest

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If a firm is a price taker in both the labor market and the output market, it will:.a. exceeds the m...

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