Given the same marginal revenue product (MRP) and supply curves, the equilibrium quantity of labor employed in a monopsonistic labor market will be:
A. equal to that in a competitive labor market.
B. less than that in a competitive labor market.
C. greater than that in a competitive labor market.
D. there is insufficient information for a conclusion.
Answer: B
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When a supply curve is relatively flat, the
a. sellers are not at all responsive to a change in price. b. equilibrium price changes substantially when the demand for the good changes. c. supply is relatively elastic. d. supply is relatively inelastic.
If a country's net exports fall, then its net capital outflow falls by the same amount
a. True b. False Indicate whether the statement is true or false
If the government imposes a price ceiling below the monopolist's average cost curve, then in the long run the regulation makes:
A. consumers worse off. B. consumers better off. C. the monopolist better off. D. None of the statements is correct.
The _____ phase of the business cycle ends at the peak.
Fill in the blank(s) with the appropriate word(s).