The supply curve that monopsonists face is different from the supply curves that firms in competitive labor markets face because with a monopsony,
a. many more workers are hired to produce the larger amount of output
b. the supply curve of labor is relatively flat
c. offering a wage lower than the market wage means having no workers
d. the employer faces the market supply curve of labor
e. the firm takes the market wage rate as given
D
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Today farms with sales of more than $250,000 a year account for about _____ percent of all agriculture sales.
A. 5 B. 25 C. 50 D. 75
The legal responsibility for losses incurred by a proprietorship falls upon the
A) stockholders. B) partners. C) owner. D) creditors.
In order to ensure consistency across goods and services, elasticities should always be calculated based on absolute changes in quantity demanded
Indicate whether the statement is true or false
Use the following general linear demand relation: Qd=680-9P+0.006M-4Pr where M is income and is the price of a related good, R. From this relation it is apparent that the good is:
a. an inferior good b. a substitute for good R c. a normal good d. a complement for good R e. both c and d