Suppose the wage rate is $5, and the marginal revenue product (MRP) of the seventh worker at a yo-yo factory is also equal to $5. The labor market was originally purely competitive, but is then monopsonized without changing the MRP of the seventh worker. That means:
A. More workers will be hired but they will be paid lower wages
B. More workers will be hired and they will be paid higher wages
C. Fewer workers will be hired and they will be paid lower wages
D. Fewer workers will be hired and they will be paid higher wages
C. Fewer workers will be hired and they will be paid lower wages
You might also like to view...
What is business intelligence? How does it differ from industrial espionage and counterespionage?
What will be an ideal response?
Pump-and-dump scams involve
a. financial shares b. credit cards c. calling cards d. pirated software
Which prison system is commonly referred to as a “spoke wheel design”?
a. Pennsylvania Prisons b. The Bastille c. Auburn/Sing Sing Model d. Panopticon
On weekends, people typically drink, gamble, go out on the town, and have sex. Many men are involved in physical fights. Miller believed that the pursuit of _____ on weekends arises in part from boring lives led the rest of the week
a. toughness b. excitement c. smartness d. trouble