s product demand. (1… Show more Assume that the labor market is perfectly competitive. Column D1 gives the firm’s product demand. (1 point each) Labor Output Price (D1) 0 0 $20 1 15 $20 2 29 $20 3 42 $20 4 54 $20 5 65 $20 6 75 $20 7 80 $20 1.If the wage rate is $200, the firm will achieve maximum profit by hiring _____ workers. 2.If the wage rate rises from $200 to $260, the firm will reduce the quantity of labor employed by _____ unit(s). 3.The value of the marginal product of the fifth worker is: • Show less