For a monopsonistic hirer of labor, the gap between labor's marginal revenue product and its wage rate will be greater:
a. the more elastic the supply curve for labor.
b. the more inelastic the supply curve for labor.
c. the more elastic the firm's demand for labor.
d. the more inelastic the firm's demand for labor.
b
You might also like to view...
In the definition of a market, economists consider:
A. actions by third parties that do not include buyers or sellers in the market. B. both actual and potential interactions between buyers and sellers. C. neither actual nor potential interactions between buyers and sellers. D. only actual interactions between buyers and sellers, not potential interactions.
Why do we not count the value of intermediate goods and services in gross domestic product? Does the value of intermediate goods and services show up in gross domestic product? If so, how?
What will be an ideal response?