LABOR 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.

"> LABOR 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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Exploitation of labour is said to exist when

Economics Economics miscellaneous in Economics 3 months ago

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The term "exploitation" is used to denote the payment to LABOR 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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Posted on 15 Jun 2025, this text provides information on Economics related to Economics miscellaneous in Economics. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

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