When a firm hires 10 units of labor, 20 pens are produced. When it hires
another unit of labor, the total output increases to 23 pens. If the price of one pen is $2, the value of the marginal product of the eleventh unit of labor is ________.
If the marginal product of a worker is 10 units and each unit of the good is sold for $5, the value of the marginal product of the worker is ________.
If the value of the marginal product of a worker is $20 and the market price of the good she produces is $5, her marginal product is ________.
The profit-maximizing rule for a competitive firm is to hire labor until ________.
Marginal revenue = Wage
Price = Wage
Marginal product of labor = Wage
Value of marginal product of labor = Wage
A socially optimal price maximizes ________.
producer surplus and minimizes consumer surplus
consumer surplus and minimizes producer surplus