14. Wayne's Jacket Shop sells Wayne's jackets for $20 each. Wayne finds that when he hires different numbers of workers, the corresponding total revenues are as follows. Workers Total Revenue 1 2 3 4 5 $1,000 1,400 2,000 1,600 800 Using the data in the table above, the marginal revenue product of the fifth worker Is: a. $160 b. $400 c. -$800 d. $2 Less labor should be employed d. 16. The following data depicts the circumstances in a purely competitive market for resources. Product Price ($) Number of Workers 0 Total Product 3 3 3 0 16 26 34 40 3 4 5 3 Using this data, at a wage rate of $23 per worker, the firm will choose to employ: a. 2 workers b. 3 workers c. 4 workers d. 5 workers 20 Supply Demand 0 Quantity of Labor The graph above represents the supply and demand for labor in a purely competitive marketplace. The area of the rectangle 0abc represents: a. Total earnings of the firm b. Marginal revenue product of labor c. Total earnings of labor d. Marginal labor cost