What is the difference between the marginal product of labor and the marginal revenue product of labor for a firm in a perfectly competitive market? a. the marginal revenue product of labor is equal to the marginal product of labor multiplied by the product price. b. the marginal revenue product of labor is equal to the marginal product of labor multiplied by the amount produced. c. the marginal revenue product of labor is equal to the additional marginal product of labor as a result of hiring one more worker. d. the marginal product of labor is equal to the marginal revenue product of labor multiplied by the product price. e. the marginal product of labor is equal to the marginal revenue product of labor divided by the amount produced.

The correct answer is option A.

Explanation:

The marginal product of labor is the change in total output due to hiring an additional worker. It is measured as the ratio of change in output to change in labor. It depends on the value of labor and capital employed.  

The marginal revenue product of labor is the additional revenue generated because of hiring an additional worker. It is also known as the value of the marginal product. It is calculated as the marginal product of labor multiplied to the product price.

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