
Monopsony
Flashcard
•
Social Studies
•
9th - 12th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
What is the quantity of labor a monopsony firm would hire, and what is the wage it will pay? Options: qL1 , wu, qL1 , wx, qL2 , wt, qL2 , wy, qL2 , wx
Back
qL1 , wu
2.
FLASHCARD QUESTION
Front
What is the marginal factor cost of the fifth worker?
Back
$90
3.
FLASHCARD QUESTION
Front
Which of the following best describes a monopsony market? Options: many buyers, many sellers; many buyers, a few sellers; a few buyers, many sellers; one buyer, many sellers; many buyers, one seller
Back
one buyer, many sellers
4.
FLASHCARD QUESTION
Front
A single large hospital system hires all nurses in a city. Assume that this is a for-profit hospital system. Which of the following can we predict about this market?
Back
Nurses are paid less than they would be paid in a competitive labor market.
5.
FLASHCARD QUESTION
Front
What is the competitive market wage and what is the monopsony wage?
Back
Competitive market wage: wd , Monopsony wage: we
6.
FLASHCARD QUESTION
Front
The market supply of college instructors is given here. What is the marginal factor cost of the second instructor?
Back
$70,000
7.
FLASHCARD QUESTION
Front
A monopsony market is one in which:
Back
there is one buyer and many sellers.
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