The Figure Given Below Represents Equilibrium in the Labor Market

question 34

Multiple Choice

The figure given below represents equilibrium in the labor market. Figure 28.5 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 28.5.What wage rate will this firm pay?

• A)W₁
• B)W₂
• C)W₃
• D)W₄
• E)W₅

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