Use the following to answer question(s) : Monopsony
-(Exhibit: Monopsony) Which of the following is (are) true?
A) Given perfect competition in the factor market, the price of a factor is equal to the MFC.
B) Given imperfect competition in the factor market, the price of a factor is less than the MFC.
C) Given perfect competition in the product market, MRP = MP times the price of output, and given imperfect competition in the product market, MRP = MP times MR, which is less than MP times price.
D) All of the above are true.
Correct Answer:
Verified
Q36: Firms buying factors of production in perfectly
Q37: A buyer that faces an upward-sloping supply
Q38: Use the following to answer question(s): Supply
Q39: Use the following to answer question(s): Supply
Q40: The wage paid by a firm buying
Q42: For the monopsony firm:
A) MRP is MP
Q43: A monopsony firm in the labor market:
A)
Q44: A firm that is a monopsony in
Q45: Use the following to answer question(s): Monopsony
Q46: Use the following to answer question(s): Monopsony
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