The optimal level of employment for a monopsonist corresponds to the point where labor:
A. demand intersects labor supply.
B. demand intersects marginal factor cost.
C. supply intersects marginal revenue product.
D. supply intersects marginal factor cost.
Answer: B
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If the firms in a market have constant returns to scale internally while there are external economies of scale for the industry, a firm's long-run supply curve will be ________ and the long-run market supply curve will be ________
A) downward sloping; downward sloping B) upward sloping; horizontal C) horizontal; downward sloping D) downward sloping; horizontal E) upward sloping; downward sloping
Which of these would NOT be considered a middleman in a market?
A) a produce wholesaler B) an apple farmer C) a smartphone retailer D) a fruit distributor
Suppose there is a simultaneous fiscal expansion and monetary contraction. We know with certainty that
A) output will increase. B) output will decrease. C) the interest rate will increase. D) the interest rate will decrease. E) both output and the interest rate will increase.
Intermediate goods are produced by one firm for use in further processing by another firm.
Answer the following statement true (T) or false (F)