Question
Let L denote the number of workers. The marginal product of labor is MP = 30 - L, and the wage for each worker is
Let L denote the number of workers. The marginal product of labor is MP = 30 - L, and the wage for each worker is $10. The firm chooses to hire 2 workers. This implies that:
A. The price of output is $1 per unit or less.
B. The price of output is between $1 per unit and $2 per unit.
C. The price of output is between $2 per unit and $3 per unit.
D. The price of output is between $3 per unit and $4 per unit.
E. The price of output is between $4 per unit and $5 per unit.
F. The price of output is between $5 per unit and $10 per unit.
G. None of the above are true.
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