A monopsony has an upward sloping supply curve because
A. when more units of labor are hired, only the new workers receive the higher wage.
B. diminishing marginal product to scale does not exist in a monopsony.
C. each additional unit of labor costs less.
D. when more units of labor are hired, all laborers must receive the higher wage.
Answer: D
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In the Current Population Survey, a person is considered unemployed if the person
A) is without a job. B) is working anything less than 40 hours per week. C) is working without pay. D) does not have a job and is actively looking for a job. E) is working less than 20 hours per week.
Insurance companies do NOT offer fair insurance because
A) they are run by greedy capitalists. B) they could not stay in business. C) they cannot diversify their risks. D) they are risk-avoiding.
Which of the following makes a firm's resources hard to imitate?
a. Do not use resources that flow from the firm's unique history b. Keep the link between resources and advantage simple c. Resources emanate from a socially complex organizational structure d. All of the above
One example of Ricardian rent is:
a. rent paid to landlords under price controls. b. the difference between the price of a highly demanded unique piece of artwork and the opportunity cost of maintaining it. c. the amount paid to a seller above the equilibrium price of tourist class tickets in order to receive higher quality seats in first class. d. the price rise of wool from a disease among sheep.