Thank you for helping me understand these!!!!
** See attached **
Labor is not demanded directly. It is the produced goods/services that are demanded, and then the demand of labor is a result of demand of goods/services, hence it is a derived demand.
2. D per. comp.
MRP = MP x Price
This is because the firm in perfect competition is a price taker. It does not have to lower the price in order to sell additional units of the good. If you are in monopoly for instance, if ...