Multiple Choice
Scenario: The Decision to Hire Labor Assume that both the product market and the labor market are perfectly competitive.The price of this firm's product is $5.The firm's total product with respect to labor is given in the table that follows.
(Scenario: The Decision to Hire Labor) Look at the scenario The Decision to Hire Labor.If this profit-maximizing firm hires two workers, what is the equilibrium wage rate in the labor market?
A) $30
B) $5
C) $13
D) $6
Correct Answer:
Verified
Correct Answer:
Verified
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