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Can a monopsony exercise monopsony power if the supply curve it faces is horizontal? Why or why not? Please explain.
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- Table 14.13 shows information from the supply curve for labor for a monopsonist, that is, the wage rate required at each level of employment. What is the monopsonists marginal cost of labor at each level of employment? If each unit of labors marginal revenue product is 13, what is the firms profit maximizing level of employment and wage?Can a monopsony exercise monopsony power if the supply curve it faces is horizontal? Why or why not?Name the two types of markets where Monopsony is common. For each gives an example of a monopsony within that market type.
- 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; lower d.Lower; lowerIf 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; lowerexplain the differences between a monopoly and a monopsony?
- True, False, and Explain. If labor is hired in a monopsonistic market, a minimum wage will always guarantee employment will increase.How should a monopsonist decide how much of a product to buy? Will it buy more or less than a competitive buyer? Explain.What is the difference between a monopoly and a monopsony? What happens when they meet?Explain.
- If 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 FalseOn a clearly labeled graph, show what happens to wages paid and employment if the government imposes a payroll tax on a monopsonist? Should the change in wages paid and employment be larger for a monopsonistic labor market or a perfectly competitive one? Explain your answer. Don't copy pasteThe graph below represents the labor supply curve of a monopsonistic firm. If the firm above hired labor at the quantity Q1, what wage rate would it pay? A-W1. B-W2. C-W3. D-W4. E-W5