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A fabric mill in rural South Carolina is the only employer in town. The figure below depicts three curves: the mill's value of marginal product

A fabric mill in rural South Carolina is the only employer in town. The figure below depicts

three curves: the mill's value of marginal product of labor VMPL, labor supply, and marginal

labor cost MCL. The MLCcurve is drawn assuming that workers aren't unionized.

image text in transcribed
in rural South Carolina is the only employer in town. The fig s three curves: the mill's value of marginal product of lab supply, and marginal labor cost MLC. The MLC curve is dra workers aren't unionized. wage ($/worker) MILO Labor Supply 600 500 400 300 200 100 VMP! 0 50 100 150 200 250 300 labor (workers/week) ers don't bargain collectively, the profit-maximizi workers per week and pays a weekly per worker. Mark this point with an A in the figure

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