Unit of Labor 0 1 2 Total Product Product Price 0 $2.20 15 2.0 20 1.00 39 1.60 48 1.40 S 55 1.20 6 60 1.10 Refer to the table, which gives data for a firm that is hiring labor in a purely competitive market. If the wage rate is $11, how many workers will the firm choose to employ? Mutiple Choice 3 4

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.