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Social Welfare and Efficiency on Labor Markets

Inefficiency may exist within a labor market while a firm only hires labor up to a certain point where: (w) the value of labor’s marginal product equals the wage rate. (x) VMP > MRC. (y) MPPL = w/P. (z) the last unit of labor adds as much to total revenue as this adds to cost.

Can anybody suggest me the proper explanation for given problem regarding Economics generally?

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