Refer to the following chart for this question:

If each product is sold for $2, what is the marginal revenue product of labor for the fourth unit of labor?

In a perfectly competitive labor market, an employer will continue hiring until ___________ .

Refer to the following chart for this question:

If each product is sold for $2, and each unit of labor costs $10, how many units of labor will the firm hire?

A firm is hiring labor in a perfectly competitive labor market. If the marginal revenue product of labor is greater than the wage rate, which of the following is true?

The following question will refer to this table:

If the wage paid to labor is $8 and the price of each unit of output is $2, how many units of labor will be hired?