Assume that the labor market is perfectly competitive. The product market is imperfect. (i.e. as out… Show more Assume that the labor market is perfectly competitive. The product market is imperfect. (i.e. as output increases, price decreases). Column D1 gives the firm’s product demand. (1 point each). Labor Output Price (D1) 0 0 $20 1 15 $19 2 29 $18 3 42 $17 4 54 $16 5 65 $15 6 75 $14 7 80 $13 1.If the wage rate is $150, the firm will achieve maximum profit by hiring _____ workers. (in detail) 2.The extra revenue generated by the fifth worker is ____________.(in detail) 3.If the wage rate rises from $150 to $237, the firm will reduce the quantity of labor employed by _____ unit(s). (in detail) • Show less