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Assume that we are in perfect competition, and that firms hire workers and rent capital in order to produce output (as in the model of

Assume that we are in perfect competition, and that firms hire workers and rent capital in order to produce output (as in the model of chapter 2). W/P is the real wage and MPL is the marginal product of labor. In equilibrium:

A: W/P > MPL

B: W/P < MPL

C: None of the other answers

D: W/P = R/P

E: W = MPL

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