At the profit-maximizing level of employment, the monopsonist
A) pays a wage equal to MRP.
B) pays a wage greater than MRP.
C) pays a wage less than MRP.
D) pays a wage equal to MFC.
Answer: C
Economics
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Which of the following is likely to shift the demand curve for carpenters leftward, assuming all else equal?
A) A fall in the wage rate of carpenters B) A fall in the price of the tools used by carpenters C) A rise in the wage rate of carpenters D) A rise in the price of the tools used by carpenters
Economics
If the absolute price elasticity of demand of a good is 1.46, then the total revenues will increase if its market price
A) increases. B) decreases. C) stays the same. D) changes, but we can't tell without more information if the price increases or decreases.
Economics