Multiple Choice
Imagine yourself to be a monopsonist producing strawberries in a small Florida farming community.
A) You do not have to deal with the marginal revenue product of labor.
B) You can control the price of the good.
C) The wage rate is given to you and you can hire as many workers as you wish at that rate.
D) You face an upward-sloping supply curve of labor and can choose any wage rate and labor combination shown on that curve.
E) For your firm, labor is preferred to capital as a factor of production.
Correct Answer:
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