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Labor Productivity

Where diminishing returns overwhelm gains through the division of specialized labor, when there is an inflection point on the total revenue curve derived by a total output curve, and by the vantage point of a purely competitive firm hiring workers into a competitive labor market: (1) labor’s marginal product is at its maximum. (2) labor’s marginal revenue product is at its maximum. (3) marginal cost is at its minimum. (4) the value of the marginal product of labor and marginal revenue product of labor are equal. (5) All of the above.

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