Refer to the above table. If the marginal revenue product is $21, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A) 1; $17
B) 2; $19
C) 2; $21
D) 3; $21
B
You might also like to view...
Mr. Frank, a foreman supervisor some 43 employees, was asked by his secretary to sign a form requesting additional supplies needed on the factory floor. He was not careless when he examined the form, but his secretary had cleverly arranged the signature line so that instead of signing a request form for supplies he signed a cheque payable to his secretary. What plea, if any, would be used to defend against her action on the cheque?
a. Mistake b. Illegality of object c. Rescission d. Non est factum e. Rectification
Which statement is correct?
A. The operation of a market system has little, if any, effect on the distribution of income in the economy. B. In a market system, buyers and sellers must be in face-to-face contact with each other. C. Prices affect the distribution of goods in a market system but not the allocation of resources. D. In a market system, prices serve to ration goods and services to consumers.
Using a decision tree:
A. allows a player to see his optimal strategy in a simultaneous game. B. can help identify the dominant strategies in a prisoner's dilemma-type game. C. allows a player to see his optimal strategy in a sequential game. D. can help define a binding commitment strategy.
If oligopolists engaged in some sort of collusion, industry output would be __________ and the price would be __________ than under perfect competition
a. smaller, lower b. smaller, higher c. smaller, no different d. greater, lower e. greater, higher