For a firm hiring labor in a perfectly competitive labor market, the marginal revenue product curve slopes downward after some point because as more of a factor is employed, which of the following declines? your a) marginal product b) marginal factor cost c) marginal cost d) total output e) wage rates.

The correct answer is option a.

Explanation:

In a perfectly competitive labor market, after some point, the marginal revenue product derived from hiring an additional worker starts declining. This causes the marginal revenue curve to slope downward after a certain point.  

This happens because of diminishing marginal returns. The law of diminishing marginal returns states that keeping other things constant if we keep increasing a variable factor, after certain the marginal returns from each additional unit will start declining.

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-lavira : )