Which of the following statements is not true?
a. Assuming a perfectly competitive labor market, a firm selling in a monopolistic product market will have a lower marginal revenue product curve than a firm in a perfectly competitive product market.
b. The intersection of market-labor supply with market-labor demand establishes equilibrium in a perfectly competitive labor market.
c. In monopsonistic labor markets, an individual firm faces a positively sloped labor-supply curve.
d. In a perfectly competitive labor market, an individual firm can hire as many workers as it needs at the equilibrium wage rate
e. In a monopsonistic labor market, marginal revenue product is equal to the value of marginal product.
e
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Which of the following is included in "labor standards"?
I. minimum wages II. safety standards III. child labor regulations a. I b. I and II c. II and III d. I, II, and III
Refer to the graph shown. This set of cost curves is:
A. wrong because the marginal cost curve should go through the minimum points of the ATC and AVC curves in that order. B. wrong because the ATC should be below the AVC. C. correct. D. wrong because the marginal cost curve should not intersect the average total cost curve.
In cities with rent controls, the actual rents paid can be ________ than the legal maximum. One explanation for this is because there is a ________ of apartments, tenants are ________
A) higher; shortage; often willing to pay rents higher than the law allows B) higher; surplus; often forced to pay rents higher than the law allows C) lower; surplus; never willing to pay rents below the legal maximum D) lower; shortage; rarely willing to pay rents lower than the law allows
The demand facing a monopolistically competitive firm is ________ a monopolistic firm and ________ a perfectly competitive firm.
A. as elastic as; less elastic than B. more elastic than; as elastic as C. more elastic than; less elastic than D. less elastic than; more elastic than