VMPL and MRPL

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VMPL and MRPL

Chinni18
I am rather confused in the difference between VMP and MRP of labour.
Which one do we use as the firm's demand curve for labour?
In problems solved so far, we've generally equated MRP to wage to obtain labour demand.
Am I right in thinking that MRP is for perfect competition and VMP for monopsony?
I'd be really grateful if someone could clarify this.
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Re: VMPL and MRPL

aditi5000
MRP = MR * MPL

demand for labour depends on which type of competition in two markets - output and labour. for Pc in both output and labour market for example, labour gets paid wage = vmp
for monopoly they get wage = mrpl
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Re: VMPL and MRPL

Chinni18
Ohh.. So it's rather like equating P=MC in pc and MC=MR in monopoly.. Acha. Thanks aditi
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Re: VMPL and MRPL

aditi5000