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question 27 Consider a competitive labor market. As wages rise, the quantity of labor demanded by firms O rises O remains unchanged O fallsConsider a

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question 27

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Consider a competitive labor market. As wages rise, the quantity of labor demanded by firms O rises O remains unchanged O fallsConsider a firm in the long run. The marginal revenue product of labor is $10. The marginal revenue product of capital is $20. The wage rate is $2. The capital price is $4. In order to maximize profits, this firm should O hire more capital and less labor O hire more labor and less capital O change nothing

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