Under monopsony, marginal factor cost is

Name: Under monopsony, marginal factor cost is
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In a monopsony, the employer has significant market power in hiring workers, which means that to attract additional workers, the employer must offer higher wages not only to the additional workers but also to the existing ones. This results in the marginal factor cost being greater than the wage rate for the last worker hired because it includes the higher wages paid to all the previously hired workers.

Under Monopsony, Marginal Factor Cost Is