the quantity of labor demanded in an imperfectly competitive factor market is determined by the intersection of which two curves?

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08-12-2022
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the quantity of labor demanded in an imperfectly competitive factor market is determined by the intersection of which two curves?

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contexto1212 contexto1212 · Answer 1 · 2022-12-15T06:32:38+01:00

At the point where the marginal revenue product curve interacts with the marginal factor cost curve, the quantity of labor demanded in an imperfectly competitive environment is identified.

It is not optimal for a corporation to pay its workers more than it will make in revenues from their labor, according to economic theory, therefore profit-maximizing enterprises would hire people up to the point where the marginal revenue product is equal to the wage rate.

The increased production brought about by adding an extra unit of work is known as the marginal product of labor.

The income produced by increasing output by one more unit is known as marginal revenue. The marginal revenue product of labor is equal to the price of the good in a market with perfect competition.

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