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Perfectly Competitive Labor Firms

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Economics
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The Firm in PC Labor Markets Objective(s) 3. Students should be able to explain why a firm hires labor until MFC=MRPL and identify this point on a cost chart and the graph of a factor market. 5. Students should be able to graph the supply and demand of perfectly competitive labor firms and specifically recognize: that the demand curve is derived from MRPL. that the supply curve (MFC) is set by the market. that the intersection of MFC and MRPL represents the profit maximization quantity of labor. that certain variables can cause shifts in the supply and demand of labor firms. A review? How many graphs are needed to show changes to a PC firm that produces and sells its goods in a PC Market? 2! One for the market and one for the firm. The firm is a ?Price-Taker?.

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