In this problem, we analyze production planning in two different types of widget markets. In one city, widget production is split across many different manufacturers: these firms are in perfect competition with one another. Here, marginal revenue per widget is constant at $4 (displayed on the left half of the marginal revenue column below). In another city, a single firm handles widget production, and constitutes a monopoly. Marginal revenue is decreasing, as shown in the right half of the marginal revenue column below. Let the wage in both markets be $22. How many workers does the firm in perfect competition hire? .How many workers does the monopolist hire? Now say that the wage in both markets is $30. How many workers does the firm in perfect competition hire? How many workers does the monopolist hire? # of workers total product marginal revenue 1 12 ( $4/ 54 2 22 $4 / 54 3 31 $4/53 38 $4 / 53 44 $4 / $2 48 $4 / 52 51 $4/ $1 52 $4/$1