29/Units of labor Wage Rate MRC of Labor MRP of Labor

1 $8 $8 $12

2 8 8 10

3 8 8 8

4 8 8 6

5 8 8 4

Answer questions 29-32 based on the above table:

If there is neither a union nor a minimum wage, it can be concluded that the business firm

Group of answer choices

faces a perfectly inelastic supply curvee

is a monopsonist

has a perfectly elastic demand curve

hires labor in a purely competitive labor market

30/o maximize profits the business firm will hire how many units of labor?

Group of answer choices

3

2

4

5

31/At the profit maximizing level of employment, this business firm's total labor cost will be?

Group of answer choices

$30

$16

$24

$32

32/At the profit maximizing level of employment this business firm's total revenue will be?

Group of answer choices

$30

$16

$24

$32