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The Figure Given Below Represents Equilibrium in the Labor Market

Question 78

Multiple Choice

The figure given below represents equilibrium in the labor market. Figure 14.5 The figure given below represents equilibrium in the labor market. Figure 14.5 In the figure, VMP: Value of marginal product curve MRP: Marginal revenue product curve MFC: Marginal factor cost S: Supply curve of labor According to Figure 14.5,what is the equilibrium level of employment? A) 0 units B) L<sub>1</sub> units. C) L<sub>2</sub> units. D) L<sub>3</sub> units. E) L<sub>4</sub> units. In the figure,
VMP: Value of marginal product curve
MRP: Marginal revenue product curve
MFC: Marginal factor cost
S: Supply curve of labor
According to Figure 14.5,what is the equilibrium level of employment?


A) 0 units
B) L1 units.
C) L2 units.
D) L3 units.
E) L4 units.

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