Units of Labor Wage Rate MRP (of Labor) 1 $24 $30 2 24 28 3 4 5 24 26 24 24 24 22 efer to the given data for a purely competitive firm hiring labor in a purely competitive labor market. At the profit-maximizin mployment, this firm's total labor cost will be Multiple Choice $120. $72. $96. О $122.

What is the marginal cost of labor?

What determines the demand for labor for a firm with market power in the output market?

What is a perfectly competitive labor market?

What are the factor payments for land, labor, and capital?

Table 14.10 shows levels of employment (Labor), the marginal product at each of those levels, and the price at which the film can sell output in the perfectly competitive market where it operates. What is the value of the marginal product at each level of labor? If the firm operates in a perfectly competitive labor market where the going market wage is 12, what is the films profit maximizing level of employment?