AP Microeconomics Quiz
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FACTOR MARKETS
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A perfectly competitive firm is a price taker in both the output and labor markets. The market wage is $W = $95 per worker per hour. The firm's marginal revenue product (MRP) schedule for labor is shown in the table. Based on the firm's MRP and wage, at what employment level is profit maximized?
MRP schedule (per hour):
- 1st worker: $140
- 2nd worker: $120
- 3rd worker: $100
- 4th worker: $90
- 5th worker: $80 
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