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12. The marginal productivity theory Complete the following statement about the marginal productivity theory. For a firm that is a factor price taker,MFC=PMFC=P , And firms hire the factor quantity at whichMRP=MFCMRP=MFC . Thus, it follows thatW=MRPW=MRP . Suppose that Felix works for Sunny Sky Co, a perfectly competitive firm producing solar lights. Felix was paid $3,000 but found a better job and quit Sunny Sky. Since nothing else changed, Sunny Sky’s total revenuefalls by $3,000 .

          12. The marginal productivity theory
Complete the following statement about the marginal productivity theory.
For a firm that is a factor price taker,MFC=PMFC=P   , And firms hire the factor quantity at whichMRP=MFCMRP=MFC   . Thus, it follows thatW=MRPW=MRP   .
Suppose that Felix works for Sunny Sky Co, a perfectly competitive firm producing solar lights. Felix was paid $3,000 but found a better job and quit Sunny Sky. Since nothing else changed, Sunny Sky’s total revenuefalls by $3,000   .

Added by Andre M.

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