from Schweser 2010 Qbank 97006
statement: If we comapre any two productive inputs, the one with the higher
MRP(marginal revenue product) will earn greater economic rent.
why this statement is false? can't we imply higher MRP will result in steeper
supply curve(more inelastic supply)?
Or in labor market MRP is the demand curve while in economic rent we only
consider the difference bwtween the wage determined and the opportunity cost?
thanks for viewing.
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