What is the marginal product of labor

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Problem 1: Explain the difference between a price floor and a price ceiling and identify how a minimum wage is related to this? Explain the federal government's role, historically and currently, in minimum wage policy.

Problem 2: What is the marginal product of labor & the law of diminishing returns? How are these two concepts related to the labor market? Give an example of the law of diminishing returns for both a private sector organization and a public sector organization.

Reference no: EM132840834

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