The marginal revenue product of labor is equal to the product of: Group of answer choices the marginal product of labor and the quantity of labor employed. the wage rate and the marginal product of labor. the wage rate and marginal revenue per unit of output marginal product of labor and total revenue of the firm. the marginal revenue per unit of output and the marginal product of labor

the marginal revenue per unit of output and the marginal product of labor

Explanation:

Marginal revenue product -

It is the market value of one of the additional unit of output, is known as marginal revenue product also called the marginal value product.

The calculation for marginal revenue product is calculated by the multiplication of the marginal revenue with the marginal product of the labor.

MRP = MR * MPL

Where,

MRP = Marginal revenue product

MR = marginal revenue

MPL = marginal product of the labor.