A monopsony hires labor up to the point where the marginal revenue product of labor equals the wage rate
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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Keynesian economics endorsed the idea of
(a) increased government spending as a counterforce against slumps or recessions. (b) reduced taxation as a counterforce against rising prices. (c) increased government spending as a counterforce against inflation. (d) decreased government spending as a counterforce against slumps or recessions.
Economics
A monopsonist's marginal factor cost (MFC) curve lies above its supply curve because the firm must:
a. lower the factor price to hire more. b. increase the price of its product to sell more. c. increase the factor price to hire more. d. lower the product price to sell more.
Economics