Post Utme Joseph Ayo Babalola University 2020 Commerce Question 1

Practice objective / multiple choice question 1 from the 2020 Post Utme Joseph Ayo Babalola University Commerce examination.

Post Utme Joseph Ayo Babalola University 2020 Commerce Objective / Multiple Choice
Question 1 POST_UTME_JOSEPH_AYO_BABALOLA_UNIVERSITY • 2020 • COMMERCE • objective

In a perfectly competitive market, what is the relationship between the marginal revenue product of labor and the market wage?

Answer Options

A. The marginal revenue product of labor is always greater than the market wage.
B. The marginal revenue product of labor is always less than the market wage.
Correct Answer C. The marginal revenue product of labor is equal to the market wage.
D. The marginal revenue product of labor is inversely related to the market wage.
Correct Answer
C
Correct Option:
The marginal revenue product of labor is equal to the market wage.

About This Question

This is Post Utme Joseph Ayo Babalola University 2020 Commerce Question 1. It is one of the objective questions from the 2020 Post Utme Joseph Ayo Babalola University Commerce examination.

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