The Marginal Revenue Product of Labor (MRPL) curve is equivalent to: O The labor supply curve O The wage rate O The labor demand curve O The number of workers employed by the firm A profit-maximizing firm will continue to hire labor inputs as long as O it can pay the workers a low wage O the workers are very productive O the demand for labor is low O the demand for the output produced is high O the marginal revenue product is greater than the wage rate Suppose that capital and labor are substitutes in production. In other words, the firm can generally use capital or labor to get the production completed. Suppose the cost of capital increases greatly. How will this affect the demand for labor? O The labor demand will shift to the right O The labor demand will shift to the left O Firms wil try to avoid using any labor (if possible) in their production process O Firms will try to use as much labor as possible in their production process LeatherTown sells wallets for a price of $50 each. The firm pays its workers $100 per day. How many workers should LeatherTown hire? O 5000 workers O 5 workers O 2 workers O 1 part-time worker O not enough information to answer this