Question
Exploitation of labour is said to exist when
Answer: Option C
Answer: (c)
The term "exploitation" is used to denote the payment to labour of a wage less than its marginal revenue product. Under monopolistic competition, all factors are exploited in this sense.
All firms hire labour until the marginal revenue product equals the marginal factor cost.
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Answer: (c)
The term "exploitation" is used to denote the payment to labour of a wage less than its marginal revenue product. Under monopolistic competition, all factors are exploited in this sense.
All firms hire labour until the marginal revenue product equals the marginal factor cost.
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