Pride Textiles is evaluating whether to hire an additional worker. The marginal revenue product (MRP) of the next worker is calculated to be $15, while the current wage paid to workers is $12. Based on this information, which of the following statements best reflects the decision-making process for hiring in a perfectly competitive labor market?

Pride Textiles should consider hiring the additional worker because the marginal revenue product (MRP) of $15 is greater than the wage of $12. This means that the new worker is expected to generate more money for the company than it will cost to hire them. In a perfectly competitive labor market, businesses want to maximize their profits by hiring workers as long as their MRP is higher than the wage. For example, if the new worker can help produce more textiles that sell for a total of $15, the company benefits by earning an extra $3 for each worker hired. Therefore, since the MRP exceeds the wage, it makes sense to hire the additional worker.