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Labor and Wages The following chart provides information on a firm that hires labor competitively and sells its product in a competitive market. Units of

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Labor and Wages The following chart provides information on a firm that hires labor competitively and sells its product in a competitive market. Units of Total Product Labor Output Price 14 $5 26 $5 37 $5 O U A W N- 46 $5 53 $5 58 $5 a. How many units of labor would be employed if the market wage rate were $40? Why? b. What would happen to employment if the wage rate rose to $50? Explain your

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