A monopsonist that wants to hire more labor must pay more for the new labor than it is currently paying and increase the wage rate of all existing employees because
A) the demand curve for labor is inelastic.
B) of labor unions.
C) the supply of labor is upward sloping.
D) of competition in the labor market.
Answer: C
Economics
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An increase in demand for a good can be caused by
A) a decrease in the price of a substitute good. B) a reduction in income if the good is a normal good. C) a decrease in the price of a complementary good. D) an increase in price of a complementary good.
Economics
Final consumer demand for poultry in the US increases (shifts to the right) if
a) consumer income decreases b) the price of chicken decreases c) the price of beef increases d) the price of pork decreases
Economics