What are the five most important variables that cause the market demand curve for labor to shift?
What will be an ideal response?
The most important factors that cause the demand curve for labor to shift are:
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A decrease in income will shift the demand curve for an inferior good to the right
a. True b. False Indicate whether the statement is true or false
The main difference between a monopsonist and a competitive buyer of labor is that
A) the competitor can hire as many workers as it wants at the going wage while a monopsonist can force wages down when hiring additional workers. B) the competitor can hire as many workers as it wants at the going wage while a monopsonist must raise wages to hire additional workers. C) the competitor is a small firm while the monopsonist is a large firm. D) the competitor is also a competitor in product markets while the monopsonist is also a monopoly in product markets.