Assume that perfect competition exists in output and factor markets.The P = MC rule for profit maximization implies the same level of labor use that would be implied by using the VMPL = W rule.False

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In perfect competition, the profit-maximizing condition P = MC leads to the same labor usage as VMPL = W because VMPL (Value of Marginal Product of Labor) is equal to P * MPL, and setting VMPL = W ensures that the cost of hiring an additional unit of labor equals the revenue generated by that labor, aligning with P = MC.

Assume That Perfect Competition Exists in Output and Factor Markets