Even when competitive firms are unable to calculate marginal revenue product directly, _________________________________________ will push wage rates toward the marginal revenue product of labor.
A. planned future investment in physical capital
B. the pressures of competition in the labor market
C. the marginal workers ongoing skills training
D. wages that exceed workers’ net revenue product
Answer:B
Even when competitive firms are unable to calculate marginal revenue product directly, _________________________________________ will push wage rates toward the marginal revenue product of labor.
A. planned future investment in physical capital B. the pressures of competition in the labor market C. the marginal workers ongoing skills training D. wages that exceed workers’ net revenue product
Explanation: 64. In a perfectly competitive market setting, which of the following would be a true statement?