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Refer to the table below

Economics

Refer to the table below. This firm sells output in a competitive product market at an equilibrium price of $3. If the competitive wage for a unit of labor is $45, how many units of labor will be employed?

a. 2

b. 3

c. 8

d. 5

e. 4

 

Units of Labor Marginal Product of Labor (MPL)
1 24
2 21
3 18
4 15
5 12
6 9
7 6
8 3

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