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Monopsony EconPlusDal

Authored by Caroline Whitehead

Social Studies

12th Grade

Used 1+ times

Monopsony EconPlusDal
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a monopsony?

A market with many employers

A market with a single employer

A market with no competition

A market with many workers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the UK, which professions are considered to be employed by a monopsony?

Engineers and Doctors

Chefs and Waiters

Teachers and Nurses

Lawyers and Accountants

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What power do monopsonies have over wages?

They are wage makers

They follow the market wage

They are wage takers

They have no influence on wages

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What condition do monopsonies maximize revenue under?

Where average cost equals marginal cost

Where MRP equals the marginal cost of labor

Where demand equals supply

Where supply exceeds demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is the supply of labor for a monopsony equal to the average cost of labor?

Because it represents the wage at different quantities of labor

Because it reflects the minimum wage workers will accept

Because it is determined by government regulations

Because it represents the maximum wage they are willing to pay

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to wages and employment in a monopsony compared to a competitive labor market?

Wages decrease but employment increases

Both wages and employment decrease

Both wages and employment increase

Wages increase but employment decreases

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do monopsonies affect the wages of workers compared to their MRP?

Workers' wages are not related to their MRP

Workers are paid less than their MRP

Workers are paid equal to their MRP

Workers are paid more than their MRP

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