Q) The market demand for the output is P = 80 – Q, where Q is the output level and P is the price per unit of output. A firm’s production function is Q = 0.5L, where Q is the output level, and L is the amount of labor. If the labor supply function is PL = 10 + 0.5L, what is the price of labor at the competitive equilibrium in the labor market? Question 71 options:   $20   $25   $30   $40   None of the above.

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