The competitive company has identified the optimal number of employees to hire when the value of the marginal product of labour overlaps the market wage level.
Competition in economics refers to a situation in which several economic enterprises compete for commodities that are limited by adjusting the marketing mix's four components: price, product, promotion, and site. According to traditional economic theory, competition drives businesses to create new goods, services, and technologies, giving customers more options and higher-quality goods. Prices for products are normally less expensive the more options there are on the market than they would be if there was no competition. A multitude of factors, including those on the firm/seller side, such as the number of firms, entry hurdles, information, and the availability/accessibility of resources, affect how competitive a market is.
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