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QUESTION
What is the link between marginal revenue product and wages?
What is the link between marginal revenue product and wages?
Due to there being discrepancies between the productivity and resource offerings (i.e., education, skills, experience) in labor markets, is it justified for one employee with a higher marginal revenue product to earn a higher wage than an employee with a lower marginal revenue product?
Does this notion of marginal revenue product and wages conflict with minimum wage laws?
