The figure shows a graph of 3 lines in a plane. The horizont…
The figure shows a graph of 3 lines in a plane. The horizontal axis is labeled “Quantity of Labor,” and the numbers 0 through 90, in increments of 10, are indicated. The vertical axis is labeled “Wage Rate,” and the values 0, $24, $32, $40, $48, $64, and $72 are indicated. The three lines are labeled M F C, S, and M R P. The M F C line begins at approximate coordinates 5 comma $20 and moves upward and to the right. It passes through coordinates 10 comma $24; 40 comma $48; and 70 comma $72. The S line begins at approximate coordinates 5 comma $10 and moves upward and to the right. It passes through coordinates 20 comma $16; 40 comma $24; and 60 comma $32. The M R P line begins at approximate coordinates 5 comma $76, moves downward and to the right, passes through coordinates 10 comma $72, and intersects the M F C line at coordinates 40 comma $48. It then intersects the S line at coordinates 60 comma $32, passes through coordinates 70 comma $24, and ends slightly above the horizontal axis at quantity of labor 90. FishNets hires workers from the labor market depicted in the provided graph. The government imposes a binding minimum wage in the labor market. What is the binding minimum wage that would cause FishNets to hire the same number of workers as a perfectly competitive labor market?
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