Suppose a monopsonist hires its second worker and this person has a marginal labor cost of $75 per day. If the wage rate is now $62.50 per day, what was the wage rate of the first worker before the second was hired?
a. $40
b. $45
c. $50
d. $55
e. $60
C
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Economics studies the logic of choices made from among available possibilities.
Answer the following statement true (T) or false (F)
________ choose the quantities of goods and services to produce, while ________ choose the quantities of goods and services to buy
A) Households; firms B) Firms; households and the government C) The government; firms D) Firms; only households E) Households; the government
There are possible policies that could significantly reduce income inequality but opponents argue that such policies would be likely to lead to
A. higher inflation. B. a reduction in unemployment. C. no impact on inequality. D. higher levels of economic growth. E. higher unemployment.
Suppose you sell a kayak for $600, but you were willing to sell it for $450 . The buyer was willing to pay $650 . The total surplus is $200
a. True b. False Indicate whether the statement is true or false