The figure given below represents equilibrium in the labor market. Figure 14.5 
In the figure,
VMP: Value of marginal product curve
MRP: Marginal revenue product curve
MFC: Marginal factor cost
S: Supply curve of labor
Refer to Figure 14.5.What wage rate will this firm pay?
Definitions:
Astronomical Theory
A scientific theory or set of principles that aims to explain phenomena observed in astronomy, such as the motions of celestial bodies or the evolution of the universe.
Sunset
The time in the evening when the sun disappears below the horizon.
Leibniz
A German polymath and philosopher best known for his contributions to metaphysics, mathematics, and the development of the calculus independently of Isaac Newton.
Locke
An English philosopher and physician, widely regarded as one of the most influential of Enlightenment thinkers, particularly known for his theories of mind and personal identity.
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