(Scenario: The Decision to Hire Labor) Use Scenario: The Decision to Hire Labor.If this profit-maximizing firm hires two workers,what is a possible equilibrium wage rate in the labor market? Scenario: The Decision to Hire Labor
Assume that both the product market and the labor market are perfectly competitive.The price of this firm's product is $5.The firm's total product with respect to labor is given in the table that follows. 
Definitions:
Demand Curves
Graphical representations showing the relationship between the price of a good and the quantity demanded by consumers at various price levels.
Supply Curves
Graphical representations showing the relationship between the price of a good and the quantity of the good that producers are willing to supply.
Willingness To Pay
The maximum amount an individual is prepared to spend to obtain a good or service or to avoid something undesirable.
Consumer Surplus
Consumer surplus is the difference between the maximum price consumers are willing to pay for a product or service and the actual price they pay.
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