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Which of the following is likely if the wage rate increases? A purely competitive producer will hire less labor, but an imperfectly competitive producer will
Which of the following is likely if the wage rate increases?
- A purely competitive producer will hire less labor, but an imperfectly competitive producer will not.
- An imperfectly competitive producer will hire less labor, but a purely competitive producer will not.
3 A purely competitive and an imperfectly competitive producer will both hire less labor.
4An imperfectly competitive producer may find it profitable to hire either more or less labor.
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