A monopsony pays a wage rate that is
A) greater than value of marginal product.
B) equal to the marginal cost of labor.
C) less than value of marginal product.
D) unacceptable to the workers hired.
C
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Aggregate private spending is stable according to non-activists PRIMARILY because
A) consumer spending is insulated from changes in income according to the PIH and LCH theories. B) private residential and non-residential investment is volatile. C) government spending is volatile. D) the money supply is unstable.
Suppose that the marginal propensity to consume is 0.75
a. If the government decreases spending by $500 billion, what is the change in output? b. If the government decreases taxes by $500 billion, what is the change in output? c. If the government decreases transfer payments by $500 billion, what is the change in output? d. If the government decreases spending by $500 billion and at the same time decreases taxes by $500 billion, what is the change in output?