In a noncompetitive labor market, the firm pays a wage that is less than the workers’...
In a noncompetitive labor market, the firm pays a wage that is less than the workers’ value of marginal product because
the labor supply curve is above the marginal cost of labor curve.
the firm’s objective is to minimize the wage rather than to maximize profits.
the marginal cost of labor curve is above the labor supply curve.
labor is supplied inelastically.
the firm’s labor demand curve is downward-sloping.
Homework Answers
Answer
Option 3
the marginal cost of labor curve is above the labor supply curve
the marginal cost of the labor supply curve is above the labor supply curve, so the firm needs to pay at the marginal cost of labor equal to the wages as equilibrium wages.
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