If a particular labor market were to convert from a competitive market to a monopsony, what effect would we expect on the number of workers hired? What effect would we expect on the wage paid to workers?
We would expect the number of workers hired to decrease. We would expect the wage paid to workers to decrease as well.
Economics
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The short-run Phillips curve shifts upward whenever:
a. inflation rises. b. a negative supply shock occurs. c. unemployment rises. d. all of the above.
Economics
What is one reason suppliers might offer a discount for quantity purchases?
A) reduced storage costs B) lower marginal cost C) lower marginal benefit D) price gouging
Economics