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8. under perfect competition, demand for a factor is its: (a) mrp curve (b) arp curve c) trp curve (d) tr- tc dt s: website: www.eduncle.com email: support@edun
8. Under perfect competition, demand for a factor is its: (A) MRP curve (B) ARP curve C) TRP curve (D) TR- TC dt s: Website: www.eduncle.com Email: support@eduncle.com Call Us:7
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Rucha rajesh shingvekar![best-answer]()
The demand curve will shift downward and to the left so that the price of the factor will fall to a level at which price the firms earn only normal profits. Thus, in the long run, under perfect competition in the factor market, price of the factor is equal to MRP. Factor demand is a derived demand. It is derived from demand for products that factors are used to produce. Marginal Revenue Product (MRP) The marginal revenue product, MRP, is the the additional revenue generated by employing an additional unit of a factor.