Suppose a firm has some power in the product market and hires labor in a perfectly competitive labor market. If the market wage rate is $20, the marginal product of the last worker hired is 5, and the...


Suppose a firm has some power in the product market and hires labor in a perfectly competitive labor market. If the market wage rate is $20, the marginal product of the last worker hired is 5, and the firm is hiring the profit-maximizing amount of labor, then the marginal revenue product of the last worker hired is _____

Group of answer choices

$5.



$1.



$4.



$20.



$1.50.




Jun 08, 2022
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