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The Figure Given Below Represents Equilibrium in the Labor Market

Question 40

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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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