Explain why in a perfectly competitive environment a profit, Business Economics

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Explain why in a perfectly competitive environment a profit

Explain why, in a perfectly competitive environment, a profit maximizing firm will increase its labor force up to the number of workers that equates the prevailing wage rate to the value of the marginal product of labor (the marginal revenue product of labor).

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Business Economics: Explain why in a perfectly competitive environment a profit

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Business Economics: Explain why in a perfectly competitive environment a profit

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