Multiple Choice
-In Exhibit P-6, if the union decides that its workers will not work for less than a $16 wage rate, then the monopsony will
A) increase the MRP by raising the price of its output
B) shut down production to avoid incurring losses
C) cut down on the number of workers hired
D) pay this higher wage and continue hiring 5 workers
E) increase its return to monopsony power
Correct Answer:
Verified
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