Explanation There are many factors of production such as the land, labor, capital, machinery and so on. Labor is an important factor of production among them because it makes use of the available resources and transforms the raw materials into the finished goods and services. Thus, the productivity of the labor is also very important. The marginal productivity is the increase in the total productivity due to an increase in labor by one unit. Thus, it is the additional productivity due to an additional labor in the production process. Option (e): The monopsony market is the market where only a single demander or buyer exists. Thus, the single buyer will have the power to pay lower wage to the labor than the competitive wage rate. The monopsony buyers will determine the equilibrium wage and number of labors at the point vertically below on the supply curve to the point where the Marginal Factor Cost equals the MRP. Thus, the wage rate will be determined below the MRP, which means that the option 'e' is the correct answer. Option (a): The equilibrium wage under the monopsony will be determined at the point where the MFC equals the MRP point vertically and intersects with the supply curve...

The equilibrium wage and relation with MRP.

Micro Economics For Today

10th Edition

ISBN: 9781337613064

Author: Tucker, Irvin B.

Publisher: Cengage,

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Chapter 11, Problem 15SQ

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The equilibrium wage and relation with MRP.

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Chapter 11, Problem 14SQ

Chapter 11, Problem 16SQ

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