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 46 $5 53 $5 58 $5 a. How many units of labor would be employed if the market wage rate were $40? Why? Answer: we want to make sure that MRP2 MRC, per table below, we would be able to hire 4 employees @ wage rate of $40