Question

The value of the marginal product is equal to the marginal revenue product under perfect competition in the product market because:

Answer 1

The value of the marginal product is equal to the marginal revenue product under perfect competition in the product market because: the firm in perfect competition is a price taker.

What is the perfect competition?

Perfect competition is the term that is used to refer to the type of competition that exists where there is perfect information in the market. In this market structure the monopoly does not exist.

There is free entry and there are no forms of barriers. Everyone has opportunity and the prices are not in the hands of the people that are selling or those that are buying. Hence we would have marginal product is equal to the marginal revenue product

Read more on perfect competition here: brainly.com/question/1488584

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