Question

According to the marginal productivity theory of distribution, a) the market labor supply curve bends backward. b) labor distributes work hours evenly between the income and substitution effects. c) each input receives a payment equal to its marginal revenue product. d) as the wage rises in a particular profession, fewer people want to work in this profession because of the income effect Which of the following situations is a monopsomy? a) The buyer is a price searcher. b) The seller is a price searcher. c) The buyer is a price taker. d) The seller is a price taker. 13, 2 MRC Figure Z $10.00 $8.00 $6.00 $4.00 $2.00 MRP 50 20 30 40 10 Number of workers employed ut didenel Figure 13.2 illustrates a labor market under monopsony. According to the diagram, what is the equilibrium wage? a) $4.00 b) $5.50 c) $6.00 d) $7.00 /2 .Figure 13.2 illustrates a labor market under monopsony. According to the diagram, the firm will maximize profits by hiring how many units of labor? 10 b) 15 c) 20 d) 30 13, Input price (Dollars per hour)

Answer 1

Acuadey ho M each i put racuivs apayent ea Crodu dinty heory angial dist puduet mayin al nevens ye bgen 4 zelln s no. seelers Monopso prui daker Cueci -S-S Prcordey worker is emylos MRC MRP whm 3 = 15 nader to max pofr labor