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Function of Profit Maximization in Competition

For a purely competitive firm operating within a competitive labor market as: (1) the marginal resource cost of labor exceeds the wage rate. (2) the supply of labor is perfectly inelastic. (3) total labor costs are independent of the amount labor hired. (4) profit maximization requires that VMP = MRP = MRC = W. (5) automation causes more workers to be hired.

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