12. *The following chart provides information on a firm that hires labor competitively and sells its product in a competitive market. UNITS OF TOTAL MARGINAL PRODUCT TOTAL LABOR OUTPUT PRODUCT PRICE REVENUE MRP 1 14 $5 2345 2 26 - $5 37 $5 46 $5 53 $5 6 58 $5 a. Fill in the missing columns. b. How many units of labor would be employed if the market wage rate were $40? Why? c. What would happen to employment if the wage rate rose to $50? Explain.

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