Which of the following statements is true if a firm is operating in a competitive labour market?
A) The supply of labour is horizontal at the market wage.
B) The marginal cost of labour curve lies above the supply curve.
C) The marginal cost of labour curve lies below the supply curve.
D) It must also be operating in a competitive output market.
E) The demand for labour is the marginal product of labour curve.
Correct Answer:
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