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)Complete the following table for a single firm operating in labor market A and product market AA:

1.)Complete the following table for a single firm operating in labor market A and product market AA:

Units of Wage Total
Labor Rate (W) Wage Cost MWC MRP VMP
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1 $10 $16 $16
2 $10 $14 $15
3 $10 $12 $14
4 $10 $10 $12
5 $10 $ 8 $10
6 $10 $ 6 $ 8
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(a) What, if anything, can one conclude about the degree of competition in Labor market A and product market AA?
(b) What is the profit-maximizing level of employment? Explain.
(c) Does this profit-maximizing level of employment yield allocative efficiency? Explain.

2.) Explain how each of the following would affect the probability that a job searcher will except the next wage offer and thus affect the expected length of his or her unemployment: (a) a decline in the rate of inflation below the expected one and (b) a decrease in unemployment benefits,

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