Consider the following perfectly competitive labor market. How many laborers would be hired? At what wage rate?
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How many laborers would be hired? At what wage rate?
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QUANTITY OF LABOR MARGINAL REVENUE PRODUCT TOTAL LABOR COST $2.00 1.50 5.00 10.00 10 15 20 25 30 35 1.25 1.00 15.00 20.00 0.85 0.75 25.00 30.00 0.70 35.00
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