The graph below depicts the major employer in a small town. Wage Rate $18 $17 $16 $15 $14 $13 $12 $11 $10 The Market for Labor MRC MPP $9 0 10 20 30 40 50 60 70 80 90 100 Quantity of Labor If the number of employers increases, making the market become perfectly competitive, how many workers will the firm hire and at what wage? The firm should hire 50 workers and pay a wage rate of $14.00. The firm should hire 55 workers and pay a wage rate of $13.50. The firm should hire 50 workers and pay a wage rate of $13.00. The firm should hire 40 workers and pay a wage rate of $13.50.

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