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Reference: 1297 -(Exhibit: Wage Determination in Perfect Competition)In Panel (B)

Question 91

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Reference: 1297 Reference: 1297 -(Exhibit: Wage Determination in Perfect Competition) In Panel (b) : A) the firm accepts the wage as given by the market. B) the quantity of labor hired is determined where MRP of labor is greater than the MFC of labor. C) s<sub>1</sub> is the firm's demand curve of labor. D) MRP<sub>1</sub> iis the marginal ratio product curve.
-(Exhibit: Wage Determination in Perfect Competition) In Panel (b) :


A) the firm accepts the wage as given by the market.
B) the quantity of labor hired is determined where MRP of labor is greater than the MFC of labor.
C) s1 is the firm's demand curve of labor.
D) MRP1 iis the marginal ratio product curve.

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