Refer to the below table and information. What is the firm's total labor costs if it hires 6 workers?
In the table below, a monopsonist has the marginal-revenue-product schedule for labor given in columns 1 and 2, and the supply schedule for labor is given by columns 1 and 3.
A. $33
B. $48
C. $65
D. $84
D. $84
You might also like to view...
According to the text, producing different brands of essentially the same good is called brand
a. multiplication b. duplication c. amplification d. recognition e. loyalty
If Taiwanese workers can produce all goods at lower wages than American workers, then
a. Americans can still gain by trading with Taiwan. b. Americans can only lose if they import from Taiwan. c. Taiwan can only lose if it trades with America. d. there are no gains from trade that are possible in this case. e. Americans should be self-sufficient.
Which of the following is not a characteristic of a monopolistically competitive market?
A. There are many firms. B. Firms sell differentiated products. C. Firms have control over price. D. There are substantial barriers to entry.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower