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Define the monospony market in economics.
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- Under monopsony, the interaction of supply and demand determines wages and number of workers employed. True FalseIf an industry is monopolized, then Labour Demand will be below the Labour Demand under competition. However, if the firm is also a monopsonist than labour demand can be either larger or smaller than under competition. True or FalseCan a monopsony exercise monopsony power if the supply curve it faces is horizontal? Why or why not?
- T/F Monopoly market is a macroeconomic concept.Dear tutor, please solve these True/False Questions. Thank You! The telephone is an example of a product with network externalities. Because of market power, wages are higher under monopsony than under competitive conditions.If an employer have enough market power to dictate the wage, this is an example of Question 5 options: a monopoly. a labor union. a monopsony. the marginal cost of labor.
- Describe the hiring decision of a monopolist.If an employer is a monopsony, the wage the firm pays will be ____________ the marginal cost of labor. Question 7 options: greater than the same as less thanIf the sole employer in a market is a monopsonist, the equilibrium number of workers hired will be ___ and the equilibrium wage will be ___ than they would be in a perfectly competitive market. a.Higher; higher b.Lower; higher c.Higher; lower d.Lower; lower
- If the sole employer in a market is a monopsonist, the equilibrium number of workers hired will be ___ and the equilibrium wage will be ___ than they would be in a perfectly competitive market. a.Higher; higher b.Lower; higher c.Higher; lowerIn terms of which of the following is the monopoly greater than the competitive market? a) Prevalence b) The number of firms c)Market quantity d) Market power of a firm e) c and dIndividual firms have some degree of influence on the wage they pay either through collusion or through some source of monopolistic power. Evaluate the statement with the aid of graphs.