The difference between the marginal expenditure and the wage is greater when the supply curve of labor is
A) less elastic at the monopsony optimum.
B) more elastic at the monopsony optimum.
C) more elastic than the demand curve.
D) The difference does not depend on any elasticity.
A
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Average total cost is equal to
a. AFC + AVC. b. AFC/total output. c. AFC/AVC. d. AVC/AFC.
The creation of the corporation is an example of Hayek's:
a. Human action b. Human design c. Spontaneous disorder d. none of the above e. all of the above
The required reserve ratio for Bank A, Bank B, and Bank C is 10 percent. Bank A receives a deposit of $50,000 and uses all the resulting excess reserves to make a loan that is deposited into an account at Bank B. Bank B then uses all the resulting excess reserves to make a loan that is deposited into Bank C. How much money has been created as a result of this chain of transactions?
a. $9,500 b. $85,500 c. $45,000 d. $40,500
If two firms pollute, and the increase in costs to Firm A from decreasing pollution is equal to the decrease in costs to Firm B from increasing pollution:
A. the firms cannot benefit from trading the right to pollute. B. the firms can benefit by trading the right to pollute. C. while both firms can benefit from trading, there is no way for them to determine an agreeable price. D. both firms will stop polluting.