Labor and Wages
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The following chart provides information on
firm that hires labor competitively and sells
its product in a competitive market.
Units of Labor
Total Output
Product Price
1
14
$5
2
26
$5
3
37
$5
4
46
$5
5
53
$5
6
58
$5
a. How many units of labor would be employed if the market wage rate were $40? Why?
b. What would happen to employment if the wage rate rose to $50? Explain your answer.
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