The marginal factor cost of a monopsonist is
A) upward sloping and the same as the supply curve.
B) downward sloping when the supply curve of labor is upward sloping.
C) upward sloping and rises faster than the supply curve.
D) horizontal.
C
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The figure above shows the market for college education in the United States. If there is no external benefit from a college education and the government does not intervene in the market, then the equilibrium tuition of college education is
A) $13,000. B) $16,000. C) $20,000. D) $7,000. E) None of the above answers is correct.
Steve has two goods he can spend his income on, skiing and skating, and his marginal utilities from each are in the table above. The price of each unit of skiing is $10 and the price of each unit of skating is $5. Steve has $40 to spend
What quantities of skiing and skating should Steve consume to maximize his utility? A) 4 units of skiing and 4 units of skating B) 2 units of skiing and 4 units of skating C) 1 unit of skiing and 2 units of skating D) 5 units of skiing and 5 units of skating
Suppose the equilibrium price in a perfectly competitive industry is $100 and a firm in the industry charges $112 . Which of the following will happen?
a. The firm will not sell any of its output. b. The firm will sell more output than its competitors. c. The firm's profits will increase. d. The firm's revenue will increase. e. The firm will gradually take over the entire industry.
The Federal Reserve System was established
a. at the request of farmers to keep down interest rates. b. because Americans believe in centralization of authority. c. after four severe bank panics between 1873 and 1907. d. as part of the Treasury Department.