Multiple Choice
Suppose a firm is hiring resources l and m under purely competitive conditions to produce product Y, which sells for $2 in a purely competitive market. The prices of l and m are $10 and $4, respectively. In equilibrium, the MPs of l and m, respectively, are
A) 1 and 1.
B) 2 and 5.
C) 10 and 4.
D) 5 and 2.
Correct Answer:
Verified
Correct Answer:
Verified
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