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Figure 19-3 The figure shows a particular profit-maximizing, competitive firm's value-of-marginal-product (VMP) curve. A graph of Q versus L shows a straight line, V M
Figure 19-3 The figure shows a particular profit-maximizing, competitive firm's value-of-marginal-product (VMP) curve. A graph of Q versus L shows a straight line, V M P, decreasing linearly from (1, 360) to (6, 60). Refer to Figure 19-3. The firm would choose to hire three workers if a. the output price is $220. b. the market wage for a day's work is $260. c. the output price is $260. d. the market wage for a day's work is $220
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