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
Chapter29: Resource Markets
Section: Chapter Questions
Problem 11E
Related questions
Question
![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-
Monopsonistic Labor Market
833.33
0.00+
0.0
41.7
40.0
L, Workers per hour
80.0
ME
S
D
Q](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9dd8a14f-61e5-45cd-9465-cab14924801d%2F4e2e262b-d56d-4fe4-b4ae-079f5a541ab5%2Fo7295g8_processed.png&w=3840&q=75)
Transcribed Image Text: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-
Monopsonistic Labor Market
833.33
0.00+
0.0
41.7
40.0
L, Workers per hour
80.0
ME
S
D
Q
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