If the marginal product of the fifth person employed is 10 and the product price is $5, then the VMPL is
A) $10.
B) $50 if the product market is perfectly competitive.
C) $15.
D) More than $50 if the product market is monopolistic.
Correct Answer:
Verified
Q1: The hiring rule for the perfect competitor
Q2: We see a backward-bending labor supply curve
Q3: Say a firm that sells its product
Q4: The value of the marginal product of
Q6: The market supply curve for any particular
Q7: The upward sloping portion of the supply
Q8: The market demand for labor is
A)steeper than
Q9: The demand for labor curve will be
Q10: The market demand for labor is
A)more elastic
Q11: The "backward bending" portion of the labor
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