Use the figure below to answer the following questions. Figure 17.3.1
-Refer to Figure 17.3.1.This figure shows the value of marginal product of labour curve,the labour supply curve,and the marginal cost of labour curve.If this labour market is competitive,the quantity of labour employed is

Question

Use the figure below to answer the following questions.  Figure 17.3.1
-Refer to Figure 17.3.1.This figure shows the value of marginal product of labour curve,the labour supply curve,and the marginal cost of labour curve.If this labour market is competitive,the quantity of labour employed is

Quizplus · Accepted Answer

In a competitive labour market, the equilibrium quantity of labour is where the marginal product of labour equals the marginal cost of labour. This occurs at the intersection of the marginal product of labour curve and the marginal cost of labour curve, which is at point E in the graph. At this point, the quantity of labour employed is 75 hours.

Use the Figure Below to Answer the Following Questions