In the above table, what is the marginal revenue product of the 1st worker?

The difference between the marginal expenditure and the wage is greater when the supply curve of labor is

A) less elastic at the monopsony optimum. B) more elastic at the monopsony optimum. C) more elastic than the demand curve. D) The difference does not depend on any elasticity.

If a price floor is set above the equilibrium price in a market

A. the quantity supplied will exceed the quantity demanded. B. the quantity demanded will exceed the quantity supplied. C. rationing will be unnecessary. D. shortages will develop.