12) Consider a firm that produces and sells a good for the price of $2 in a perfectly competitive market. The following table shows the relationship between the number of workers and the output of this firm. Suppose the labor market from which this firm hires its employees is competitive. Value of Marginal Number of Marginal Output Product of Workers Product of Labor Labor 1 15 2 27 3 36 4 42 5 45 46 If the wage rate in this market is equal to $18, this firm will hire workers. A) 2 B) 3 C) 4 D) 5
12) Consider a firm that produces and sells a good for the price of $2 in a perfectly competitive market. The following table shows the relationship between the number of workers and the output of this firm. Suppose the labor market from which this firm hires its employees is competitive. Value of Marginal Number of Marginal Output Product of Workers Product of Labor Labor 1 15 2 27 3 36 4 42 5 45 46 If the wage rate in this market is equal to $18, this firm will hire workers. A) 2 B) 3 C) 4 D) 5
Chapter12: Labor Markets And Labor Unions
Section: Chapter Questions
Problem 1.1P
Related questions
Question
![12) Consider a firm that produces and sells a good for the price of $2 in a perfectly competitive market.
The following table shows the relationship between the number of workers and the output of this
firm. Suppose the labor market from which this firm hires its employees is competitive.
Value of
Marginal
Marginal
Product of
Number of
Output
Product of
Workers
Labor
Labor
15
2
27
3
36
4
42
5
45
6
46
If the wage rate in this market is equal to $18, this firm will hire
A) 2
В) 3
C) 4
D) 5
workers.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7714f612-bfba-4f73-8349-981a745e8edb%2F983b904d-3574-48a3-8c2b-c92146284f64%2Fxk6p09q_processed.png&w=3840&q=75)
Transcribed Image Text:12) Consider a firm that produces and sells a good for the price of $2 in a perfectly competitive market.
The following table shows the relationship between the number of workers and the output of this
firm. Suppose the labor market from which this firm hires its employees is competitive.
Value of
Marginal
Marginal
Product of
Number of
Output
Product of
Workers
Labor
Labor
15
2
27
3
36
4
42
5
45
6
46
If the wage rate in this market is equal to $18, this firm will hire
A) 2
В) 3
C) 4
D) 5
workers.
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