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Consider an economy that produces the single good output with two factors of production, land (T) and labor (L). The Marginal Product of Labor MPL
Consider an economy that produces the single good "output" with two factors of production, land (T) and labor (L). The Marginal Product of Labor MPL The figure to the right shows how the marginal product of labor varies with changes in the amount of labor employed A If this simple economy employs OG workers, its total output is given by and labor's total wages by O A. OGBK and OGNH B O B. OGBA and OGBK M C O C. OK and OH ....... O D. OGBA and OK : N R D MPL 0 G F E Labor, L
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