The figure above shows a labor market. If there is a monopsony in this labor market, the monopsony pays a wage rate
A) greater than the value of marginal product of labor.
B) equal to the value of marginal product of labor.
C) less than the value of marginal product of labor.
D) equal to the average revenue product of labor.
C
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The face value of money or income is called its ________ value
A) external B) real C) marginal D) nominal
A Keynesian forecast of economic growth next year is likely to focus on
A) money demand. B) money supply. C) velocity of money. D) investment spending plans.
According to Figure 5.1, the real interest rate is relatively low in ________
A) Brazil B) Turkey C) Argentina D) Japan E) Indonesia
The expected-profit-maximization rule sets ________ equal to ________ and is an ________
A) marginal revenue; expected marginal cost; operational guideline B) expected marginal revenue; expected marginal cost; operational guideline C) expected marginal revenue; marginal cost; operational guideline D) marginal revenue; marginal cost; easily obtainable goal