Suppose the market for labor is perfectly competitive and the demand for labor is 
and market supply is 
.The equilibrium wage will be
Definitions:
Variable Cost Per Unit
The cost that varies with the level of output or production, such as materials and labor, calculated on a per unit basis.
Monthly Interest Rate
Monthly interest rate refers to the percentage of interest that is charged or earned on a loan or investment for each month.
Net 30 Policy
A payment term that indicates the buyer must pay the full amount due within 30 days of the invoice date.
Break-Even Level
The point at which total costs and total revenue are equal, meaning there is no net loss or gain, and the initial investment has been recovered.
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