Consider the graph at right for a monopsonistic labor market. The competitive wage is $750.00 per hour, and the competitive labor use is 62.50 workers. In a monopsonistic labor market, the amount of labor used will be 41.7 workers and the wage will be $ per hour (round your answer to the nearest penny). (Round all of the following answers to the nearest dollar.) In a monopsonistic labor market, consumer surplus will be $; the monopsonistic labor market producer surplus will be area $, and the monopsonistic labor market producer deadweight loss will be $. w, wage per hour 1400.00 1200.00- 1000.00 800.00- 600.00 400.00 200.00 833.33 .………………….. 0.00+ Monopsonistic Labor Market 0.0 41.7 40.0 I Workore por hour 80.0 ME -S -D

Consider the graph at right for a monopsonistic labor market. The competitive wage is $750.00 per hour, and the competitive labor use is 62.50 workers. In a monopsonistic labor market, the amount of labor used will be 41.7 workers and the wage will be $ per hour (round your answer to the nearest penny). (Round all of the following answers to the nearest dollar.) In a monopsonistic labor market, consumer surplus will be $; the monopsonistic labor market producer surplus will be area $, and the monopsonistic labor market producer deadweight loss will be $. w, wage per hour 1400.00 1200.00- 1000.00 800.00- 600.00 400.00 200.00 833.33 .………………….. 0.00+ Monopsonistic Labor Market 0.0 41.7 40.0 I Workore por hour 80.0 ME -S -D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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