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- Name the two types of markets where Monopsony is common. For each gives an example of a monopsony within that market type.Can a monopsony exercise monopsony power if the supply curve it faces is horizontal? Why or why not?What is the difference between a monopoly and a monopsony? What happens when they meet?Explain.
- Question 27 If a firm is a monopsony, then it Group of answer choices can pay any wage it wants for the employees it hires. can pay each employee his / her reservation wage. will have to pay a higher wage to hire additional employees. will not lower its product price to induce buyers to purchase additional quantities.1. Use the graph to answer the question that follows. If the price is set to P1, what area represents the producer surplus in the graph shown above? D B + C + D C + D + F B + C + D + G B + C + D + E + F 2. The graph below represents the labor supply curve of a monopsonistic firm. What is the quantity of labor and the wage that will maximize the firm's profits? Firm's profits are maximized at quantity = Q1 and wage = W4 Firm's profits are maximized at quantity = Q2 and wage = W3 Firm's profits are maximized at quantity = Q2 and wage = W5 Firm's profits are maximized at quantity = Q3 and wage = W1 Firm's profits are maximized at quantity = Q1 and wage = W2Take an monopsony with an inverse demand of P = 20-.5Q equal to marginal revenue and inverse supply of P = 2+.25Q equal to marginal cost. Find the equilibrium price, quantity, all 3 surpluses, and any deadweight loss. Show your work. Request: Please draw a graph as needed and please provide the typed answer (not written) Your help is much appreciated!
- 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; 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; lower d.Lower; lowerThe ultimate determinant of monopoly power is the firm’s elasticity of demand. What three factors determine a firm’s elasticity of demand? Explain this in the context of a South African example of a monopoly. How should a monopsonist decide how much of a product to buy? Will it buy more or less than a competitive buyer? Explain.
- PLEASE SOLVE ONLY PART (iv): B and C jointly form the fringe supply and A is the dominant firm in the dominant firm model.14. A Sixteen Tons Question: A coal mine in a small town is a monopsony with a supply of labor function given by w = 4L. Its production function is given by Q = ½L. The coal it produces is sold in a PC market at a price of $32. A) What is this monopsony’s MFC function? B) How much labor will the mine hire and what will be the wage?Question 2 In microeconomic theory, the standard intuition tells us that employees will reduce their labor supply or pursue another job elsewhere when employers cut wages. Does the latter intuition omit geographic isolation, worker preferences, or moving costs. Consequently, employers would be considered to have greater market power over their workers. This would be an example of A. monopoly B. monopsony C. perfect competition D. monopolistic competition Full explain this question and text typing work only We should answer our question within 2 hours takes more time then we will reduce Rating Dont ignore this line
