Refer to the list. The outcome in a monopsony labor market is shown by:
1. W < MRP; W < MRC
2. W = MRP; W < MRC
3. W = MRP; W = MRC
4. W > MRP; W > MRC
A. 1.
B. 2.
C. 3.
D. 4.
Answer: A
You might also like to view...
Refer to Game Matrix I. The only Nash equilibrium for this game is in
a. the upper left-hand corner.
b. the upper right-hand corner.
c. the lower left-hand corner.
d. the lower right-hand corner.
Public saving is:
A. more important to national saving than private saving. B. increased when the government budget deficit rises. C. identical to the government budget surplus. D. less important to national saving than private saving.
DeBeers is a natural monopoly in the world's diamond trade
a. True b. False
Suppose that the firm's only variable input is labor. When 50 workers are used, the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500. Which of the following is true?
A. Marginal cost is increasing. B. Average variable cost is increasing. C. Average variable cost is decreasing. D. Cannot determine without more information.