The figure given below represents equilibrium in the labor market with the demand and supply curves of labor.Figure 14.6
In the figure,
D = MRP implies demand for labor = Marginal Revenue Product
MFC represents Marginal Factor Cost curve
S represents the supply curve of labor

-According to Figure 14.6, what is the wage paid by a monopsonist?
A)$10
B)$23
C)$20
D)$12
E)$15

Question

The figure given below represents equilibrium in the labor market with the demand and supply curves of labor.Figure 14.6
In the figure,
D = MRP implies demand for labor = Marginal Revenue Product
MFC represents Marginal Factor Cost curve
S represents the supply curve of labor
 
-According to Figure 14.6, what is the wage paid by a monopsonist?
A)$10 
B)$23 
C)$20 
D)$12 
E)$15

Quizplus · Accepted Answer

The Answer of The figure given below represents equilibrium in the labor market with the demand and supply curves of labor.Figure 14.6
In the figure,
D = MRP implies demand for labor = Marginal Revenue Product
MFC represents Marginal Factor Cost curve
S represents the supply curve of labor
 
-According to Figure 14.6, what is the wage paid by a monopsonist?
A)$10 
B)$23 
C)$20 
D)$12 
E)$15

The Figure Given Below Represents Equilibrium in the Labor Market