Given the same marginal revenue product (MRP) and supply curves, the equilibrium quantity of labor employed in a monopsonistic labor market will be:
a. equal to that in a competitive labor market.
b. less than that in a competitive labor market.
c. greater than that in a competitive labor market.
d. there is insufficient information for a conclusion.
b
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Monetarists advocate increasing the money supply by a constant rate year after year. True or False
The total market value of final goods and services produced in an economy during a one-year period is
A) personal income. B) profit. C) net national product. D) Gross Domestic Product.
A decrease in which of the following would decrease the tax wedge?
A) federal budget deficit B) national debt C) money supply D) marginal tax rate
How will an unanticipated decrease in aggregate demand influence equilibrium output in the goods and services market?
a. Output will increase, and the general level of prices will fall. b. Output will increase, and the general level of prices will rise. c. Output will decrease, and the general level of prices will rise. d. Output will decrease, and the general level of prices will fall.