If a monopsonist offers a wage of $6, he finds that 1,200 people are willing to work for him. This means that the:
A) marginal factor cost is $6.
B) marginal factor cost is $200.
C) total wage cost is $1,200.
D) total wage cost is $7,200.
E) $6 wage is too high.
Correct Answer:
Verified
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