Question: Why does MRP fall as more labour is hired in a perfectly competitive market? a. MRC increases as more labour is hired. b. The price

Why does MRP fall as more labour is hired in a perfectly competitive market?

a. MRC increases as more labour is hired.

b. The price of the output produced falls as more inputs are hired and more output is produced.

c. The law of diminishing marginal product applies.

d. The price of inputs fall as more inputs are hired and more output is produced.

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