The success of a cartel rests upon discouraging some firms in the market from joining inducing all members lo differentiate their products and charge different prices making exit from the cartel as nearly costless as possible inducing all members to limit their combined output and charge the same price When 5 units of labor are employed, total product is 9 units, when 6 units of labor are employed total product is 11 units of output If the price of output is $5 per unit, what is the marginal revenue product of the 6th unit of labor? $10 $15 $55 $5 When MFC < MRP. a firm in a competitive market will hire more workers earn fewer profits stop hiring
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