Answered: Under monopsony, quantity of wokers…

Under monopsony, quantity of wokers employed are determined by: Demand curve Marginal Labour Cost curve Intersection of MLC and Demand curve Interesection of MLC and Supply curve Supply Curve only

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Under monopsony, quantity of wokers employed are determined by:

		Demand curve
		Marginal Labour Cost curve
		Intersection of MLC and Demand curve
		Interesection of MLC and Supply curve
		Supply Curve only

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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