The following figure represents the equilibrium in the labor markets. Figure 28.4 
In the figure,
MFC: Marginal Factor Cost curve
D: Demand or the Marginal Revenue Product curve
S: Supply curve
Refer to Figure 28.4.A competitive labor market will pay the wage rate _____ and hire _____ units of labor.
Definitions:
John Locke
A 17th-century English philosopher known for his work on political philosophy and epistemology, emphasizing natural rights and the social contract.
Jean-Jacques Rousseau
An 18th-century philosopher, writer, and composer, known for his influential works on education, political philosophy, and the social contract.
Jean Piaget
A pivotal figure in developmental psychology who introduced the concept that children progress through a series of cognitive developmental stages.
Hypotheses
Possible explanations for phenomena, used to predict the outcome of research.
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