Marginal Revenue Product Wages (S per hour) Competitive Output Market (P=MR) MRPIE MPIXP Monopolistic Output Market MRPIE MPI X MR (P≤MR) Hours of work Chapter 14 Slide 10Chapter 14 Slide 10 Marginal Revenue Product Hours of Work Wages ($ per hour) MRPL = MPLxP Competitive Output Market (P = MR) MRPL = MPL x MR Monopolistic Output Market (P < MR)