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Economics

Assume that a firm purchases R in a purely competitive resource market; that is, the firm can purchase any amount of resource R it chooses without affecting the price of R.

Also, explain why.

The firm will maximize the profits from the use of R by equating the...

1. price of R with the MRP of R.

2. marginal productivity of R with the MRC of R.

3. marginal productivity of R with the price of R.

4. price of R with the MRC of R.

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Microeconomics, Economics

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