Use the Following to Answer Questions

question 95

Multiple Choice

Use the following to answer questions:
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.
-(Scenario: The Decision to Hire Labor) Look at the 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?

• A) $30
• B) $5
• C) $13
• D) $6

---

Definitions:

Indian Background

May refer to the cultural, historical, or business practices distinct to India or individuals of Indian descent.

Communication Competency

The ability to effectively convey, receive, and interpret messages, information, or ideas in verbal, nonverbal, and written forms.

Competencies

Essential skills, abilities, and knowledge required for effective performance in a job or task.

Career Plan

A structured sequence of personal goals, actions, and timelines aimed at achieving professional development and advancement.