In a perfectly competitive labor market, the worker will be paid:O Less than the value of his/her MRP.O Minimum wage.O More than the value of his/her MRP.O Exactly the value of his/her MRP.

In perfect competition , There are various no. of seller and buyers. There is free entry and exit…

Answered: In a perfectly competitive labor…

In a perfectly competitive labor market, the worker will be paid: Less than the value of his/her MRP. O Minimum wage. More than the value of his/her MRP. Exactly the value of his/her MRP.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter26: Factor Markets: With Emphasis On The Labor Market

Section26.2: The Labor Market

Problem 3ST

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In a perfectly competitive labor market, the worker will be paid:
O Less than the value of his/her MRP.
O Minimum wage.
O More than the value of his/her MRP.
O Exactly the value of his/her MRP.

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