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A local ice cream store in a perfectly competitive market hires five workers. The workers and their value of the marginal product of labor are
A local ice cream store in a perfectly competitive market hires five workers. The workers and their value of the marginal product of labor are Ali, $35; Jack, $32; Andrew, $18; James, $29 and Sherry, $24. Which of the below must be true if we know that this store is maximizing profit? what is the correct answer A. every worker is paid their value of the marginal product of labor at equilibrium B. every worker is paid $18 C. Every worker is paid a wage equal to the highest value of the marginal product of labor D. We need to know the price of ice cream to answer this
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