A monopsonist in the labor market has
A) a perfectly elastic labor supply.
B) a decreasing average variable cost.
C) an upward sloping labor supply curve.
D) a downward sloping marginal revenue product curve.
C
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Economic growth is determined by forces outside the control of the market system.
Answer the following statement(s) true (T) or false (F)
An employer can't legally pay an employee less than $7.25 per hour, which is the federal minimum wage in 2018. Why does this lead to wage stickiness?
When the competitive market system does not allocate resources to economically desirable goods, economists say what has occurred?
A. Productive inefficiency B. Market failure C. Government failure D. Externalities
Average Total Cost is
A. the per unit variable cost of production. B. the per unit cost of production. C. the addition to cost associated with one additional unit of output. D. the per unit fixed cost of production.