4. The last worker currently employed by a firm has a marginal product of 3 units per hour and is paid $20 per hour. Assuming that both the labor market and product maket are perfectly competitive and that the product's price is $5 per unit, the firm should do which of the following? a. Decrease wages d. Employ fewer workers b. Increase wages e. Increase the product's price C. Employ more workers 5. Hope Hospital is a monopsonistic employer of nurses. The marginal revenue product of nursing services, the marginal factor/resource cost of nursing services, and the market supply curve of nursing services are depicted in the figure above by MRP, MFC, and S, respectively. What wage quantity combination does Hope Hospital choose in order to maximize its profits? MRP QUANTITY OF NURSING SERVICES a. W1 and Q1 d. W2 and Q4 b. W1 and Q3 e . W3 and Q3 C. W2 and Q2 6. The table below shows the short-run output for a perfectly competitive firm. If the price of the product is $10, what is the marginal revenue product of the third worker? Number of Workers Total Product 15 MAP N 20 24 27 29 a. $24 d. $240 b. $27 e. $300 C. $40