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The Following Figure Represents the Equilibrium in the Labor Market

Question 52

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The following figure represents the equilibrium in the labor market.Figure 14.4
The following figure represents the equilibrium in the labor market.Figure 14.4 In the figure, MFC: Marginal Factor Cost curve D: Demand or the Marginal Revenue Product curve S: Supply curve -Refer to Figure 14.4. If the government imposes a minimum wage of W<sub>2</sub>, how many units of labor will a monopsonist hire? A) Q<sub>2</sub> B) Between Q<sub>2</sub> and Q<sub>3</sub> C) Q<sub>1</sub> D) Q<sub>3</sub> E) Between Q<sub>1</sub> and Q<sub>2</sub> In the figure,
MFC: Marginal Factor Cost curve
D: Demand or the Marginal Revenue Product curve
S: Supply curve
-Refer to Figure 14.4. If the government imposes a minimum wage of W2, how many units of labor will a monopsonist hire?


A) Q2
B) Between Q2 and Q3
C) Q1
D) Q3
E) Between Q1 and Q2

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