Use the following to answer question(s) : Wage Determination in Perfect Competition
-(Exhibit: Wage Determination in Perfect Competition) Which of the following statements is true?
A) The firm's MFC of labor is equal to the price of the firm's output.
B) Total employment is equal to L₁, as shown in Panel (a) .
C) The individual firm is a wage setter.
D) The firm will hire L₁ units of labor, as shown in Panel (a) .
Correct Answer:
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