Use the following to answer question 63-70.
Exhibit: Monopoly and Monopsony
-(Exhibit: Monopoly and Monopsony) In monopoly, _______ ; in monopsony, ________.
A) P < MC; factor price < MRP
B) the equilibrium price and quantity are P₁ and Q₀; the equilibrium factor price and quantity are P₁ and FQ₁
C) price and quantity in equilibrium are P₁ and Qm; factor price and quantity in equilibrium are P₀ and FQ₁
D) P = MC; factor price = MRP
Correct Answer:
Verified
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