1.) If the wage in a perfectly competitive labor market is $20 and the marginal product of the last worker employed is 10 units, what must be the market price for the good being produced? Assume a perfectly competitive output market.

Group of answer choices

$2

$10

$22

$30

$200

2.) Use the table to answer the question that follows.

Quantity of Labor MP of Labor Quantity of Capital MP of Capital Price of Quantity Supplied of Quantity Demanded of Quantity of Total Output Output Output Labor Product 25,000 60,000 15 75,000 40,000 30 5 100,000 30,000 2 105 190 65 325