The figure given below represents equilibrium in the labor market.Figure 14.5
In the figure,
VMP: Value of marginal product curve
MRP: Marginal revenue product curve
MFC: Marginal factor cost
S: Supply curve of labor
-In Figure 14.5, the firm is:
A) a monopsonist in the labor market and a perfect competitor in the output market.
B) a monopsonist in the labor market and a monopolist in the output market.
C) a perfect competitor in all markets.
D) a perfect competitor in the labor market and a monopolist in the output market.
E) either a monopolist or a monopsonist, but not both.
Correct Answer:
Verified
Q41: The following table shows total output produced
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Q43: The following table shows the marginal productivity
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Q45: The following table shows total output produced
Q47: The following table shows total output produced
Q48: The following table shows total output produced
Q49: The following figure represents the equilibrium in
Q50: The following figure represents the equilibrium in
Q51: The following figure represents the equilibrium in
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