According to the above table, if the marginal revenue product is $24, how many workers will the profit maximizing monopsonist hire?
A. 4
B. 5
C. 6
D. 7
Answer: A
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Explain what would happen if the equilibrium wage in the labor market was below the legislated minimum wage
What will be an ideal response?
If disposable income falls, consumption expenditure falls ________
A) by an amount that depends on the real interest rate B) so that planned expenditure remains constant C) by an amount smaller than the decrease in disposable income D) all of the above E) none of the above
Legal risk is evident in a country that has _____.
A. falling living standards B. government debt C. a violation of property rights D. high inflation
Suppose an economy consists of 500,000 individuals 16 years and older, 260,000 are employed, and 21,000 are unemployed but actively seeking work. In this example the unemployment rate is approximately:
A. 4.2 percent. B. 6.1 percent. C. 7.5 percent. D. 8.0 percent.