In order to hire an additional worker, a monopsony must pay
A) a higher wage rate than it paid before.
B) the same wage rate it paid before.
C) a lower wage rate than it paid before.
D) a wage rate that is sometimes higher, sometimes lower, and sometimes the same as before, depending on the elasticity of the supply of labor.
A
Economics
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Overproduction results in
A) external costs. B) external benefits. C) deadweight loss. D) super-efficiency. E) the marginal benefit of the last unit produced being larger than the marginal cost.
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When the market for gasoline in Motorland is in equilibrium, the market price of gasoline is ________ the marginal social cost
A) $1.50 above B) $1.50 below C) equal to D) $1.20 above
Economics