Multiple Choice
-Hank's Propane Storage Company is a profit-maximizing monopsony in the local labor market for propane handling, delivery, and other associated services. The supply and marginal cost of labor curves are shown in the figure above. Hank's demand for labor curve is the curve labeled VMP = D. Hank will employ ________ hours of labor per week and pay a wage rate of ________ per hour.
A) 100; $12
B) 100; $8
C) 100; $6
D) 120; $8
Correct Answer:
Verified
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