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In the labor market, the Value of the Marginal Product of labor represents the supply of...

In the labor market, the Value of the Marginal Product of labor represents the supply of labor.

Group of answer choices

True

False

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Answer #1

Since marginal product of the labor is the change in the total product due to hiring an additional unit of labor. The shape of the marginal product of the labor is inverse U shape. Initially MP increases and reaches to maximum and after that it decreases.

The labor supply curve represents the number of workers who are able and wants to work in any job at different wage rates.

Hence it can be said that in the labor market, the value of the marginal product of labor does not represents the supply of labor.

Hence the given statement is false.

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