Ceteris paribus, the wages of clerks would increase if there was a decrease in:
a. the period of training required for clerk jobs
b. non-monetary "fringe" benefits received by clerks.
c. the marginal revenue product of clerks.
d. the cost of medical insurance benefits paid to clerks.
b
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Answer the following statements true (T) or false (F)
1. A monopsonist in equilibrium will hire labor at a level where MRP = MRC > W. 2. An example of a monopsonist is a labor union whose members include all the workers in a particular industry. 3. In the demand-enhancing union model, a union tries to increase the wage rate through such actions that promoting the industry's product, or raising labor productivity. 4. Professions that require its practitioners to pass a licensure exam, like accountants and doctors, exemplify the exclusive union model of how a labor union raises wage rates.
Figure 10.2 shows a monopolist's demand curve. The marginal revenue from selling the third unit is:
A. $6. B. $8. C. $10. D. $44.