Question 14 For a monopsonist, the marginal factor cost is always: equal to the wage rate. less than the wage rate. greater than the wage rate the same as the labor supply. the same as the labor demand. Question 17 A monopsonist will hire more workers than will be hired in a competitive labor market. True False Question 19 Which of the following statements is true about monopsony? c and e. c, d, and e. Monopsonists exercise complete buying power. Monopsonists maximize profit by setting MRP = MFC. Monopsonists face the whole labor supply curve

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Question 14
For a monopsonist, the marginal factor cost is always:
equal to the wage rate.
less than the wage rate.
greater than the wage rate
the same as the labor supply.
the same as the labor demand.
Question 17
A monopsonist will hire more workers than will be hired in a competitive labor market.
True
False
Question 19 Which of the following statements is true about monopsony?
c and e.
c, d, and e.
Monopsonists exercise complete buying power.
Monopsonists maximize profit by setting MRP = MFC.
Monopsonists face the whole labor supply curve
Question 20
A decrease in the price of the output will decrease the firm's demand for labor.
True
False
Transcribed Image Text:Question 14 For a monopsonist, the marginal factor cost is always: equal to the wage rate. less than the wage rate. greater than the wage rate the same as the labor supply. the same as the labor demand. Question 17 A monopsonist will hire more workers than will be hired in a competitive labor market. True False Question 19 Which of the following statements is true about monopsony? c and e. c, d, and e. Monopsonists exercise complete buying power. Monopsonists maximize profit by setting MRP = MFC. Monopsonists face the whole labor supply curve Question 20 A decrease in the price of the output will decrease the firm's demand for labor. True False
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