A firm purchasing labor in a competitive market has the following marginal revenue product curve: 
How many workers should the firm hire if the wage is $15? What if the wage falls to $12? Explain.
Definitions:
One Third
A fraction representing a division of a whole into three equal parts, indicating that one part is being considered out of the three.
One Fourth
A fraction representing one part of four equal parts of a whole, often written as 1/4.
One Eighth
A fraction representing one part of eight equal parts of a whole.
Genetic Counseling
A process that involves advising individuals and families about the genetic risks, conditions, or diseases they may face and the implications for their health.
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