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
According to Figure 14.5, what is the equilibrium level of employment?
Definitions:
Industrial Revolution
A period of major industrialization from the late 18th to early 19th century that transformed mainly rural, agrarian societies in Europe and America into industrialized, urban ones.
Wright's Paintings
May refer to the artworks created by one of several artists with the last name Wright, known for their distinctive styles and contributions to their field.
Industrialists
Individuals or groups involved in the ownership and management of industries, often characterized by significant innovations, manufacturing processes, and the exploitation of labor.
Joseph Wright of Derby
An 18th-century English painter, known for his use of light and shadow, and for pioneering subjects in science, industry, and literature within his works.
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