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4. The labor supply table below is for a firm of hiring labor competitively and selling its product in a competitive market for $2 per unit.. Units of Labor 1 2 3 4 5 6 Total product 17 31 43 53 60 65 MRP in perfectly competitive market MRP in imperfectly competitive market a. Fill in the MRP in perfectly competitive market. How many workers will the firm hire if the going wage rate is $23? Explain why the firm will not hire a larger or smaller number of workers at this wage rate? b. Now assume that it is selling in an imperfectly competitive market and that, it can sell 17 units at $2.2 per unit, it must lower product price by 5 cents in order to sell the marginal product of each successive worker. Fill in the MRP in imperfectly competitive market. How many workers will the firm hire if the going wage rate is $23? c. Compare the factor demand curves of the firm when it is selling in a perfectly competitive market and imperfectly competitive market, which curve is more elastic? Explain