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Use the Following to Answer Questions :
Scenario: the Decision

Question 166

Multiple Choice

Use the following to answer questions :
Scenario: The Decision to Hire Labour
Assume that both the product market and the labour market are perfectly competitive.The price of this firm's product is $5.The firm's total product with respect to labour is given in the table that follows.  Quantity  of Labour  Quantity  (workers)  of Output 0017213318421\begin{array}{llcc} \hline \text { Quantity } & \\ \text { of Labour } & \text { Quantity } \\ \text { (workers) } & \text {of Output }\\\hline 0&0\\1 &7\\2 &13\\3&18\\4&21\\\hline\end{array}

-(Scenario: The Decision to Hire Labour) Use Scenario: The Decision to Hire Labour.How many workers will this perfectly competitive,profit-maximizing firm choose to hire if the equilibrium wage is $30?


A) 1
B) 2
C) 3
D) 4

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