A monopsonist hires labor in a market with perfectly competitive supply. Whenever she hires an additional worker,
a. she must reduce the wage paid to all workers already hired.
b. she will not change the wage paid to all workers already hired.
c. she must raise the wage paid to all workers already hired.
d. she may or may not choose to change the wage paid to all workers already hired.
c
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An open economy is one in which exports and imports constitute a large share of GDP.
Answer the following statement true (T) or false (F)
Government ownership of property and resources in the United States is
A. about as common as it is in European countries. B. widespread; the United States is a leader in the amount of government ownership of resources. C. relatively rare; the United States is mostly privatized. D. rare but has been increasing rapidly as the United States catches up to other countries.
Observe the difference in vending machines between canned soda and newspapers. Typically, if you insert coins into a newspaper vending machine and open it you will see available all of the copies of the newspaper within one's reach
However, soda machines are very different. They work such that only one can is dispensed at a time. The rest of the canned soda is well out of reach. Explain in terms of marginal utility why the newspaper distributor is relatively unconcerned about the rest of the newspapers being taken without payment while the soda distributor uses a machine that goes to great lengths to insure that only one can of soda is dispensed at a time.
Making a decision at the margin is __________ an all-or-nothing decision
A) consistent with B) inconsistent with C) the same as making D) conditioned upon making