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Question
Table 17-1| Quantity of Labor | Output (units) |
| 1 | 80 |
| 2 | 170 |
| 3 | 240 |
| 4 | 300 |
| 5 | 350 |
| 6 | 390 |
| 7 | 420 |
Refer to Table 17-1. Suppose the output price is $3. If the firm represented in the table is maximizing its profit by hiring six workers, what is the wage rate?
A) $120
B) $65
C) $40
D) There is insufficient information to answer the question.
Answer
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