The steeper the labor supply curve,
A) the higher the wage the monopsonist pays.
B) the lower the wage the monopsonist pays.
C) the smaller the difference between the wage and the marginal expenditure on labor.
D) the better off workers are.
B
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Potential GDP focuses on the:
A) long-run supply side of the economy. B) long-run demand side of the economy. C) short-run supply side of the economy. D) short-run demand side of the economy.
An example of a perfectly competitive market would be the market for
a. tennis racquets. b. pizza. c. garbage collection. d. wheat.
Figure 10-1
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In Figure 10-1, what is the equilibrium level of real GDP and equilibrium price?
A. $6,000 billion real GDP and price level of 110 B. $5,000 billion real GDP and price level of 120 C. $5,000 billion real GDP and price level of 110 D. $7,500 billion real GDP and price level of 100
The fundamental invention underpinning the 1995-2012 rise in the average rate of productivity growth is the:
A. microchip. B. fuel cell. C. Internet. D. personal computer.