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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? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an 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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