The only hospital in a rural area sets nursing wages at a rate lower than the closest metropolitan hospital that is 100 miles away. Which financial term describes this scenario?
1. Monopsony.
2. Pecuniary.
3. Derived demand.
4. Marginal product.
1
Rationale 1: Monopsony is when a large buyer of input, in this case the hospital, sets the wages of a group, in this case, the nurses.
Rationale 2: Pecuniary terms indicate that monetary values must be determined.
Rationale 3: Derived demand occurs because the demand for labor is derived from the demand for product.
Rationale 4: The marginal product is the additional output produced by an additional worker.
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