For a monopsonist, the more elastic the supply of labor, the greater the difference between the marginal cost of labor and the wage rate.

Name: For a monopsonist, the more elastic the supply of labor, the greater the difference between the marginal cost of labor and the wage rate.
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For a monopsonist, the more elastic the supply of labor, the smaller the difference between the marginal cost of labor and the wage rate, because the firm can hire additional workers without significantly increasing wages.

For a Monopsonist, the More Elastic the Supply of Labor