In a perfectly competitive labor market, theoptimal hiring rule is to employ labor up to thepoint wherea. wage ¼ MFC.b. wage ¼ MP.c. wage ¼ MR.d. wage ¼ MRP.

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A: The formula:Marginal product =Change in total productMPL(2)=32-24=8MRPL=MPL* priceMRPL(2)=8*3=24

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