Compared to a monopsony, a perfectly competitive labor market results in a
A) higher wage rate and more workers hired.
B) higher wage rate and fewer workers hired.
C) lower wage rate and more workers hired.
D) lower wage rate and fewer workers hired.
A
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Whether a particular technological innovation is good for a particular worker depends on the effect of that innovation on the worker's:
A. reservation price. B. labor mobility. C. union contract. D. marginal product.
Why might a nation that has an absolute advantage in the production of a good or a service still not be able to find a trading partner?
What will be an ideal response?
The excess burden of an income tax is a function of the _____
a. average tax rate b. flat tax rate c. marginal tax rate d. Laffer curve
What happens if price falls below the market clearing price?
A. Supply shifts in. B. Demand shifts out. C. Quantity demanded decreases, quantity supplied increases, and a surplus results. D. Quantity demanded increases, quantity supplied decreases, and a shortage results.