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Competition-Social Welfare

Only the purely competitive firm which is as well a price taker in the labor market maximizes the profit by employing labor where: (1) Quantity of the labor employed is maximized. (2) Average wage rate equivalents labor's marginal revenue product. (3) Average wage rate equivalents labor's value of marginal product. (4) Marginal revenue product of very last worker hired equivalents labor's marginal resource cost.

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