Which of the following statements is true? a.A monopsony is the only employer of a factor of production. b.A monopsony will pay workers a higher wage and employ fewer workers than a competitive labor market. c.A monopsony has a marginal factor cost curve which lies below its supply curve of labor. d.Unions are becoming a greater influence in American labor markets.

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Answered: Which of the following statements is…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter27: Wages, Unions, And Labor

Section: Chapter Questions

Problem 5QP

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Which of the following statements is true?

	a.	A monopsony is the only employer of a factor of production.
	b.	A monopsony will pay workers a higher wage and employ fewer workers than a competitive labor market.
	c.	A monopsony has a marginal factor cost curve which lies below its supply curve of labor.
	d.	Unions are becoming a greater influence in American labor markets.

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