Because a monopsony must raise the wage on all labor hired in order to hire more labor,

Refer to Scenario 1-1. Had the firm not produced and sold the last 3,000 cell phones, would its profit be higher or lower, and by how much?

A) Its profit will be $6,000 lower. B) Its profit will be $700 lower. C) Its profit will be $700 higher. D) Its profit will be $6,700 higher.

The second phase of the industrial revolution first took place in ______ (a country) in the _______ (decade).

Fill in the blank(s) with the appropriate word(s).