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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
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. Suppose the marginal product of the fifth unit of labor is 30 units of output per day. The figure implies that the a. price of output is $6. b. price of output is $8. c. daily wage is $120. d. price of output is $4
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