Homework Answers
Ans: lower wage rates and a lower level of employment
Explanation:
A monopsonistic market means there is only one buyer of laborers in the labor market. So, in this market wage rate will be lower and employment will be lower.
Thus, option [B] is correct answer.
Add Answer to:
- Compared with a purely competitive labor market, a monopsonistic market will result in A. Higher wage rates and a...
Il. Discuss and graph one model of employment and wage determination between a monopsonistic employer and a labor union. Describe and contrast how the levels of employment and wage rate are deter...
Il. Discuss and graph one model of employment and wage determination between a monopsonistic employer and a labor union. Describe and contrast how the levels of employment and wage rate are determined if the labor market is purely competitive.
Il. Discuss and graph one model of employment and wage determination between a monopsonistic employer and a labor union. Describe and contrast how the levels of employment and wage rate are determined if the labor market is purely competitive.
1) Compared with a purely competitive industry, a monopolist produces a. more output at a lower...
1) Compared with a purely competitive industry, a monopolist produces a. more output at a lower price. b. less output at a higher price. c. more output at a higher price. d. less output at a lower price. 2) Which one of the following statements about monopoly firms and firms in a purely competitive industry is true? a. In the long run, monopoly firms and firms in a purely competitive industry operate at the minimum point of their average total...
2. In a monopsonistic market, there appears to be a labor shortage. Assume as a result,...
2. In a monopsonistic market, there appears to be a labor shortage. Assume as a result, new people enter the market seeking employment. Compare the old and the new equilibrium. Particularly, what happens to E;w? Are the new migrant workers who do not get a job unemployed or simply out of the labor force?
A)In a labor market that is purely competitive (P.C.), one occupation's wage rate is growing while...
A)In a labor market that is purely competitive (P.C.), one occupation's wage rate is growing while the equilibrium quantity of labor input (QL, employees*hours) hired is rising, while in a similar occupation the wage is also growing but the equilibrium QL is falling -- what must be happening to the labor demand in these markets? B)In a recent media story, a professor (not yours!) was quoted saying, "ironically, if the coronavirus continues to spread, companies may try to accelerate the...
Refer to the following diagram of a competitive labor market. Suppose the wage is currently W3...
Refer to the following diagram of a competitive labor
market.
Suppose the wage is currently W3 and L1 is the level of employment.
Then we should expect the wage to
rise and employment to rise.
fall and employment to fall.
rise and employment to fall.
fall and employment to rise.
The imposition of a minimum wage on a competitive labor market will likely create additional employment...
The imposition of a minimum wage on a competitive labor market will likely create additional employment opportunities because some low-skilled workers will now see their wage increase. O increase unemployment of high-skilled workers as firms substitute high-skilled labor for low-skilled labor. create unemployment as some people enter the labor market while some firms reduce the quantity of labor they are willing to employ due to the increased wage. O lower the wages of workers earning more than the minimum wage.
In a competitive labor market, demand for workers is QD 20,000 100W, and supply is Qs...
In a competitive labor market, demand for workers is QD 20,000 100W, and supply is Qs 4,000 + 1,900W, where Q is the quantity of workers employed and W is the hourly wage. a) What is the initial equilibrium wage and employment level? b) Suppose that the government decides that $9 per hour is the minimum allowable wage in any market. What would the new employment level be? c) What would happen to total payments to labor? d) Would there...
Assume a mis amongst that can heitsfest work for $6 but must increase the wage rate...
Assume a mis amongst that can heitsfest work for $6 but must increase the wage rate by $3 to attract each successive workers that the second worker must be paid $9 the third $12.and so on. The main revenue product of labor is given in the table below Units of Labor Marginal Revenue Product a Draw the firm's labor supply and marginal resource cost curves Instructions: Use the tool provided to draw the labor supply curve plot 6 points to...
4) Explain why the following statements are either true or false: A: In a competitive labor...
4) Explain why the following statements are either true or false: A: In a competitive labor market, a minimum wage above the market equilibrium will reduce the level of employment. B: In a monopsony labor market, a minimum wage set above equilibrium will always reduce the level of employment. C: In bilateral monopoly labor markets the monopsony employer and the union bargain to an outcome that is closer to a competitive equilibrium. D: If two industries...
4) Explain why the following statements are either true or false: A: In a competitive labor...
4) Explain why the following statements are either true or false: A: In a competitive labor market, a minimum wage above the market equilibrium will reduce the level of employment. B: In a monopsony labor market, a minimum wage set above equilibrium will always reduce the level of employment. C: In bilateral monopoly labor markets the monopsony employer and the union bargain to an outcome that is closer to a competitive equilibrium. D: If two industries have identical labor supplies...
Il. Discuss and graph one model of employment and wage determination between a monopsonistic employer and a labor union. Describe and contrast how the levels of employment and wage rate are determined if the labor market is purely competitive.
Il. Discuss and graph one model of employment and wage determination between a monopsonistic employer and a labor union. Describe and contrast how the levels of employment and wage rate are determined if the labor market is purely competitive.
The imposition of a minimum wage on a competitive labor market will likely create additional employment opportunities because some low-skilled workers will now see their wage increase. O increase unemployment of high-skilled workers as firms substitute high-skilled labor for low-skilled labor. create unemployment as some people enter the labor market while some firms reduce the quantity of labor they are willing to employ due to the increased wage. O lower the wages of workers earning more than the minimum wage.
In a competitive labor market, demand for workers is QD 20,000 100W, and supply is Qs 4,000 + 1,900W, where Q is the quantity of workers employed and W is the hourly wage. a) What is the initial equilibrium wage and employment level? b) Suppose that the government decides that $9 per hour is the minimum allowable wage in any market. What would the new employment level be? c) What would happen to total payments to labor? d) Would there...
Assume a mis amongst that can heitsfest work for $6 but must increase the wage rate by $3 to attract each successive workers that the second worker must be paid $9 the third $12.and so on. The main revenue product of labor is given in the table below Units of Labor Marginal Revenue Product a Draw the firm's labor supply and marginal resource cost curves Instructions: Use the tool provided to draw the labor supply curve plot 6 points to...
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